Richie Boucher

Richie Boucher
Born	Kitwe, Northern Rhodesia (present-day Zambia)
Occupation(s)	Banker, Chief Executive Officer
Years active	2003–2017
Known for	CEO of Bank of Ireland (2009–2017)

Richie Boucher (aged 50 in 2009) served as the chief executive officer (CEO) of the Bank of Ireland, the largest banking institution in Ireland. He was replaced by Francesca McDonagh in October 2017, having assumed the position on 25 February 2009 following the departure of Brian Goggin, who stepped down after the Irish Government’s capital injection and deposit guarantees. In 2012, Boucher's remuneration amounted to €843,000.

Career and education

From January 2006, Boucher led Bank of Ireland's Irish Retail Division as CEO, managing a portfolio of land bank and development loans that expanded to €7.1 billion. He began his tenure at Bank of Ireland in December 2003 as chief executive of Corporate Banking, arriving from the Royal Bank of Scotland, where he was Regional Managing Director for London and South East England. His previous experience also includes senior positions at Ulster Bank Group and ICC Bank.

Boucher was born in Kitwe, Northern Rhodesia (present-day Zambia) to Irish parents. His education took place at St George's College, Harare, Rockwell College, and Trinity College, Dublin, where he earned a business degree before embarking on a career in banking. He is noted for retaining a distinctive Southern African accent.

Evidence to Oireachtas

On 2 July 2008, during testimony before the Oireachtas Finance Committee, Boucher asserted that Ireland was not facing a "Northern Rock" crisis and emphasized that the Central Bank's liquidity regulations were more stringent than those in other nations. He remarked, "We do not believe that we have capital problems. The issues are more down to liquidity rather than capital," further stating that there were no arrears within his bank’s portfolio of 100% mortgages.

In January 2011, Boucher acknowledged that incorrect information had been provided to the Dáil concerning employee bonuses at the bank, taking responsibility for inaccurate official claims that no performance-related bonuses had been awarded. The following month, a senior civil servant accused him of misleading government officials about these bonuses.

At an Oireachtas committee session in November 2012, Boucher declined to respond to repeated inquiries regarding debt write-offs on unsustainable mortgages. This stance drew criticism from several TDs who condemned his lack of transparency and engagement. Labour TD Ciarán Lynch described Boucher’s terse replies as unacceptable and stressed the public’s demand for full disclosure. The Sunday Independent labelled him as "the embodiment of all that is bad in Irish banking."

Subsequently, Labour TD Arthur Spring called on Finance Minister Michael Noonan to pursue Boucher’s resignation, citing potential harm to the Bank of Ireland’s reputation and advising collaboration with other shareholders.

Relationship with property developers

Boucher provided counsel to property developer Seán Dunne regarding the acquisition of the Jury's hotel site in Ballsbridge for €275 million, endorsing Dunne’s ambition to establish it as Ireland's equivalent of "Knightsbridge." In October 2007, Boucher penned a letter to Dublin City Council expressing strong support for this significant development project, highlighting its architectural value and anticipated benefits for Dublin.

Personality and appointment as chief executive

A banking industry analyst observed that Boucher's assertive demeanor sharply differed from that of his predecessor, Brian Goggin. Prem Watsa, Fairfax's CEO, characterized him as "highly disciplined, concentrated, and commercially savvy."

Boucher was selected over Des Crowley for the CEO position, with the board unanimously endorsing him due to his practical approach and extensive expertise after a thorough internal and external recruitment process.

Upon assuming the role, Boucher recognized the difficult financial climate and widespread skepticism toward banks, pledging to rebuild trust among clients, investors, and the general public.

In August 2011, he engaged a US-based consultancy to support his submission for the Central Bank’s evaluation of legacy directors’ suitability following government bank rescues. By June 2012, the Central Bank approved Boucher’s continuation as CEO after he successfully passed its "Fitness and Probity" assessment.

Reactions to appointment

Dermot Desmond, a billionaire investor and significant shareholder, voiced his "disappointment" regarding Boucher’s selection. He pointed out Boucher’s prior senior positions—including director, head of retail financial services, and key committee member—and associated his leadership with the bank’s excessive lending strategies. Desmond questioned how Boucher and others addressed the Central Bank of Ireland’s 2004 cautions about the overheated property sector. He contended that appointing Boucher sent an unfavorable signal to investors who incurred losses through no wrongdoing on their part. Desmond advocated for reestablishing credibility and confidence by making a clean break from past management, emphasizing that those accountable for the bank’s difficulties should not steer its recovery. He stressed that public perception was vital in restoring faith in Ireland’s banking system.

The Labour Party criticized the decision to appoint an internal candidate as CEO, describing it as a missed chance to introduce new leadership in Irish banking. Finance spokesperson Joan Burton did not question Boucher’s honesty but expressed regret over the choice. Senator Shane Ross condemned the appointment as "potentially one of the most disgraceful in recent business history," although he later conceded this may have been somewhat overstated.

Personal life

Boucher is married to Sandra and has two children named Katie and Keith; they live in Clontarf, Dublin. An avid rugby fan, he also coaches a youth rugby team. His base salary amounts to €690,000, exceeding the €500,000 limit imposed by the Irish Government on CEOs of state-backed banks. Additional perks include an annual car allowance of €34,000 and complimentary tax advisory services typical of executive remuneration packages. His employment contract includes a permanent confidentiality clause.

As of 31 December 2009, Boucher had outstanding loans totaling €946,000 from Bank of Ireland—comprising €708,000 in various loans and €235,000 in mortgages. In April 2010, following discussions with the Taoiseach's office, he relinquished his right to retire at age 55 to avoid receiving a pension enhancement valued at €1.5 million.

External links

• Forbes.com biographical note on Richie Boucher
• Bank of Ireland announcement of appointment