Bank of Ireland’s outgoing chairman, Patrick Kennedy, used his last annual general meeting address on Thursday to take fresh aim at bank bonus restrictions, as the lender also disclosed it will invest €2 billion “future proofing” itself over the coming years. Photograph: Nick Bradshaw
He signalled the bank would continue political lobbying for an easing of the restriction. The group is alone among the three banks to have basis pay restrictions lifted. That followed the State selling its remaining shares in the business in late 2022. “The focus of our investment will be securing long-term operational resilience, accelerating digital capability, and heightening operational excellence and efficiency, all of which is designed to ensure we meet the fast evolving expectations of our more than four million customers,” he said.
As the bank looked to resolve the glitch at the time, customers were able to transfer up to €1,000 from their account even if they did not have the funds.
Myles-O-Grady Patrick-Kennedy
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