BoI chief Richie Boucher gets €1.5m top up to pension

Excerpts from RTE News:

The topic is also covered in the Independent, the Irish Times and, well, everywhere else really…

If I had any accounts with BOI I would take them elsewhere now. :imp:

Is this a case of the finance minister wouldnt allow BOI to pay him “what hes worth so we’ll put it in his pension” or just a one fingered salute to the taxpayer?

Lenny said it isn’t a payment to Boucher, it’s a payment to his pension fund. Ah, right. That’ better because…? So does the taxpayer lose out on tax?

Heard that and had to laugh. It doesn’t surprise me that the general public love him, he sounds so convincing, so normal and rational. He appears to answer a straight question without stuttering or getting getting defensive.

‘There, there,’ says soothing, fatherly Brian. ‘It’s just that you don’t understand it properly. Let me explain how we’re screwing you and justifying the injustifiable in a way that you’ll find palatable.’ Barrister talk.

Marianne Finucan just lapped it up. * ‘You’ve already explained to us how this payment isn’t a actually a payment to Mr Boucher because it’s a really just a payment to his pension fund…’*, or similar.

I despair. Officially.

People looking forward to a large public service style pension find it hard to criticize the nearest thing the private(well sort of private as it’s a bank) sector has to a public service pension.

Are they going tell us it’s obscene that the wealthy can retire earning multiples of the average wage and insist on a modest but comfortable cap of say 2x average earnings for all DB pensions - any extra having to be self funded without tax relief by normal savings?

The chief difference between a senior minister’s pension(s) or retired regulator’s pension and Boucher’s is that the latter is explicitly funded.

I don’t know if it is still current . But throwing a lump sum into a pension fund is a way of recieving a pament without paying tax . After a few months it can be withdrawn . It’s how really good empolyers who employed a good accountant would give a reduntancy payment in such a way as to mimimise tax .

Can I to correct you there, you can make a lump sum payment of 10k for example to your pension fund(AVC too, it’s not exclusive to PS workers) and you receive a tax rebate of 4,200. I don’t think you can withdraw the original lump sum from the fund.

its actually a double 2 fingers to the irish tax payer:

its a “tax efficient” means of paying Boucher more loot, while the state raise taxes
lenihan can say bouchers salary is still capped at an obscene level

for those who dont know already brian lenihan is one of the most senior employees of the banks in his position as minister for finance. He has been doing an excellent job since he took on that role and has outshone brian clown. His commitment to his employers is total so much so that he continues to work on their behalf even while he is being treated for cancer. He is an example to all other employees in the cabinet.

Recapitalization money goes in, recapitalization money goes out.

its the reverse of money laundering
clean money goes in, dirty money comes out :mrgreen:

Vader you highlight an important point, as a voter, I always believed TDs and ministers were out there somehow fighting for me and you against the big companies, the big swinging dicks, the pisstakers, out there fighting for the little guy, David against Goliath, storming into Bankcentre and telling the big shots our voters WILL NOT stand for this shit!
And now you’re saying it’s not true, and I always believed it was, but in the gut I’m fearing more and more you’re right.

Robbing a bank is what amateurs do.
Running a bank is how the pros do it.

Maybe you should talk to Mr Nama Beag, he’s in cork too :nin

More disturbing is that the banks are showing again they will do what they like with the taxpayers money,

How many SME’s or LME’s coud this money have helped, €1.5m , and 1 man is gettting this.

We are complete GOBSH1TES !!! if we keep taking this crap 8- 8- 8- 8- 8- 8- 8- 8- 8- 8- 8-

(edit 2 time for format error and sums ooops !!!)

I guess the 1.5mn is on top of the 1mn acording to people.forbes.com/profile/richie-boucher/37840

so 2.5mn (maybe 2.3mn if the 200k on Forbes page is included in the 1.5mn).

Not bad for the man at the helm of an organisation that lost 1.8bn in 9 months last year.

Mind you, the real scandal is how BoI were allowed to promote an internal candidate in Feb last year when they were in a complete jock and on their uppers.