Bank of Ireland’s €24.5m fine lays down a marker to all lenders

The bank has been fined an unprecedented sum by the Central Bank for failings in its IT resiliency that endangered both consumers and the financial system itself

5th December, 2021
Bank of Ireland’s €24.5m fine lays down a marker to all lenders
Francesca McDonagh, Group chief executive of Bank of Ireland. Key among her list of attributes was her experience in managing a large-scale technological overhaul at HSBC during her time there.

The note prepared for Paschal Donohoe midway through 2017 made it clear: Bank of Ireland should be allowed to breach the bankers’ salary cap to get its preferred candidate for the role of chief executive following Richie Boucher’s departure.

Francesca McDonagh, the then 42-year-old former head of HSBC’s retail banking and wealth management business in Britain and Europe, had been scouted by Bank of Ireland and identified as the person its wanted to...

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