Boi Says ‘mistakes’ Of The Past ‘strong Motivation’ For Improved Fortunes

BOI SAYS ‘MISTAKES’ OF THE PAST ‘STRONG MOTIVATION’ FOR IMPROVED FORTUNES

Bank of Ireland CEO says “mistakes” of the past have been a “very strong motivation” for the lender’s improved fortunes.

Richie Boucher was speaking after the bank posted pre-tax profits of 921 million euro last year – a turnaround of 1.5 billion on 2013.

BOI says the figures are partly down to a significant drop in the charges on bad loans.

Bank of Ireland chief Richie Boucher says the improvement has been driven by the mistakes of the financial collapse.

“We made mistakes in Bank of Ireland, I was part of a management team that made mistakes, and that has been a very strong motivation for us to ensure that the 4.8 billion invest by Irish taxpayers – they ahve got back over 6 billion” he said.

“We have worked really hard to generate and raise capital, we ahve worked really hard to get our funding right, to get our cost base right” he added.

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