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Bank of Ireland's Richie Boucher refuses to answer some questions at Banking Inquiry

Bank of Ireland's chief executive has refused to answer some questions at the Banking Inquiry - s...
Newstalk
Newstalk

08.46 6 May 2015


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Bank of Ireland's Rich...

Bank of Ireland's Richie Boucher refuses to answer some questions at Banking Inquiry

Newstalk
Newstalk

08.46 6 May 2015


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Bank of Ireland's chief executive has refused to answer some questions at the Banking Inquiry - saying he does not have the same immunity as TDs.

Richie Boucher said any answers he gives at the inquiry could result in legal action being taken against him in other countries.

He is the first witness to the inquiry to decline an answer based on legal concerns.

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Earlier Mr Boucher said he had "made a mistake" in supporting Sean Dunne's planning application for a development in Ballsbridge - but he wouldn't tell Deputy Joe Higgins why he had done so

“Were other representations made by bank of Ireland in relation to developers?” Mr Higgins asked Mr Boucher.

“Not that I can recall,” he replied.

“Why was it made in this case?” Mr Higgins asked.

“I don’t have the same immunity as the committee does,” Mr Boucher replied.

Mr Boucher earlier said the bank did not feel it needed the bank guarantee on the night of September 29th, 2008.

Mr Boucher took over at the helm of Bank of Ireland in the wake of the bank guarantee.

He says the bank believed it was not in crisis on that night.

The former head of Ulster Bank, Cormac McCarthy, will also appear before the Banking Inquiry today.

Mr McCarthy was CEO of Ulster Bank from 2004 to 2011, where he also served as a member of the Royal Bank of Scotland (RBS) Group Management Committee and as deputy chief executive of RBS UK Retail.

The inquiry is currently in its Nexus phase, which is focusing on three elements: banking systems and practices; regulatory and supervisory systems and practices; and crisis management systems and policy responses - and how these elements interacted with each other.

Chairman Ciaran Lynch TD said: "This phase of our hearings includes a move by the Committee to compelling witnesses and statements and the use of evidence."

"Under the witness management protocol, there will be a structured witness engagement with a seven week lead-in between the notification and the public hearing. The protocol includes timescales, evidence books and technical briefings".

The Nexus hearings will run until the middle of September, with a total of 64 public hearings planned. It is thought that at least 60 witnesses will be called.

It is expected members of the Committee will hear from the former Taoiseach Brian Cowen on multiple occasions this summer.

A final report from the group is expected by the end of November.

Watch the proceedings LIVE here


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