Oireachtas Joint and Select Committees

Thursday, 10 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland

12:30 pm

Mr. Richie Boucher:

Again, we received support from the taxpayer. A total of €6,000 million in cash has come back from Bank of Ireland to society, to all of the taxpayers. It is paid to the broad base of taxpayers. Our responsibility is to all of the taxpayers. I could empathise, and Deputy Humphreys thought that I was not focusing on his question, but we must take into consideration our responsibilities to a wide range of factors. If we focus on the particular point the Deputy is representing, which is the taxpayers, our bank formally believes it is not up to our bank to decide how the taxpayers' money should be spent. It is up to our bank to ensure the taxpayers have no risk to Bank of Ireland, that they have got their money back and that they have a profitable investment. Then the taxpayers decide how that money is spent, not Bank of Ireland. All of the taxpayers, through their elected representatives, decide how that money is spent. That is how we address the situation.

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