Dermot Desmond and Bank of Ireland

[Edo]

Timely piece in the Irish Times today.

Desmond criticises Bank of Ireland over Boucher - The Irish Times - Fri, Mar 06, 2009

BUSINESSMAN DERMOT Desmond has criticised the appointment of an internal candidate as the new chief executive of the Bank of Ireland.

He has been invited to meet the governor of the bank, Richard Burrows, to discuss his concerns about the appointment of Richie Boucher.

Mr Desmond, who is a substantial shareholder in the bank, has already discussed the matter with Mr Burrows and other members of the bank’s board, or court.

Earlier this week he sent a letter to Mr Burrows expressing his “dismay” at the appointment.

“Before I decide on my next move, I would like to clarify whether Mr Boucher had a major involvement in the bank’s exposure to property lending,” Mr Desmond said in the letter, which has been seen by The Irish Times.

He said Mr Boucher was one of the most senior bankers in the organisation, as a director, chief executive of retail financial services, a member of the group risk policy committee and of the group investment committee.

“Therefore [he] must have been responsible for fatal errors of judgment, including advancing loans to developers on the strength of overstated land values and insufficient security...............

Dermo is totally on the money here - Both our banks need new boards and CEOS totally unconnected with the companies, if not the country itself - if the banks are to retain and rebuild any credibility - anything but ,just stinks of coverups for the mistakes of the existing boards - its not good enough - and we're paying for this - once again the 2 Brians are caught asleep at the wheel and clueless.

If Dermot Desmond thinks this - I fear to think what the attitude of more hard nosed foreign investors with no connection to the country will think about it

[Digout]

Does he spead bet? Hope he does not lose if he does.

[Middleaged]

Can someone please explain my Bank Of Irelands board is also called "court"?

[SkatesOn]

“Before I decide on my next move, I would like to clarify whether Mr Boucher had a major involvement in the bank’s exposure to property lending,” Mr Desmond said in the letter

Is he thinking about buying the bank?
- It would only cost him about €150m

[Gimpanzee]

It is a joke of an appointment.

[SkatesOn]

Does he spead bet? Hope he does not lose if he does.

He doesn't lose.

[Middleaged]

Is he thinking about buying the bank?
- It would only cost him about €150m

Christ ,theres a bit of perspective in that figure, €150m wouldn't have bought a few acres in Ballsbridge in 2006/2007.

Today you could buy a Bank, mmmmmmmm how far we've come.

[wysiwyg]

He doesn't lose.

well if you don't pay up when you don't win a bet, you would never lose either

[stanley]

The same is true of Eugene Sheehy, he has been with AIB Group since he left school, the ultimate insider.
DD is also supposed to be buying shares in AIB with his old muckers, JP and JM, perhaps they do not wish to criticize AIB, just yet.