# Richie Boucher on Debt Write Downs



## Firefly (9 May 2014)

I'm not a close follower of individual banks, but I have quite a good impression of Richie Boucher. BoI has fully repaid the state with its bailout funds and the state continues to hold an approx 1bn state in the bank. 


Here's what he says about debt write-downs and bang on the money IMO:

"Every concession means someone [else] has to pay . . . We have responsibilities to the people who are meeting their mortgages, to depositors [and] to the people who have given us capital.”

More here..

http://www.irishtimes.com/business/...fends-hard-line-on-debt-forgiveness-1.1789015

Firefly.


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## MrEarl (9 May 2014)

Firefly said:


> ....
> 
> "Every concession means someone [else] has to pay . . . We have responsibilities to the people who are meeting their mortgages, to depositors [and] to the people who have given us capital.”  ....




He's spot on with this.

I'm not saying there should be no debt forgiveness, but I'm sick to the teeth of reading posts and hearing comments from people who want a debt write down simply because they don't want to have to live with their current level of debt and think there is a write down there for the asking.

Every case has to be considered carefully on it's own merrits and genuine cases must be helped, but the rest can sod off and pay their loans back just like I have to do and thousands like me. 

Infact the blatent time waisters and "chancers" should be fined for waisting valuable time and resources, which are there to support those who really need assistance.

I've no connection with Richie Boucher, BoI, am not a large depositor or shareholder in BoI etc by the way


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## 44brendan (9 May 2014)

There is no justification for any bank or financial institution to have a policy of debt write-down/write-off in order to assist people who are either overborrowed or whose financial circumstances have changed. However, every bank is a commercial organisation and at times commercial pragmatic decisions must be made that there are some debts that will never be repaid in full. As such economic and prudent policies would dictate that a portion of these debts must be written off as part of the solution in the debt recovery process. Any business (bank or other) who has a head in the sand approach to never writing off bad debts is just not being realistic. Of course BofI have written off bad debts and will continue to do so. Ritchie Boucher's arguements are for vox pop purposes only. i.e. to discourage initial approaches from clients seeking debt write-downs. You can be sure that the bank has only achieved positive results in a number of cases by agreeing level of write-downs. Non disclosure agreements mean that these cases are not aired publicly (unlike similar AIB cases).


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## Delboy (9 May 2014)

He has a nice take on IMHO/David Hall and AIB's relationship


> Mr Boucher, in an interview with The Irish Times, also questioned recent write-offs being offered by rival AIB to mortgage arrears customers via a pilot scheme operated with the Irish Mortgage Holders Association (IMHO).
> “We have been consistent [on debt forgiveness]. I am sure, and I know, that’s not to everyone’s taste but then again how does debt forgiveness arrive in AIB? he asked. “Is there transparency? Is it some type of a lottery where names are pulled out of a hat every morning? I don’t know.”


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## so-crates (10 May 2014)

Not strictly correct battybrennan, he can shimmy past a question when he wants to! Look at his answer when queried about his salary. He doesn't actually answer the question asked he simply says that some people wouldn't be happy if he was paid sixpence.


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## Deiseblue (10 May 2014)

Mr. Boucher's reputation will be forever sullied by the fact that he was head of the Bank's retail division from 2006 onwards & he effectively oversaw the appalling lending practices that brought the country to it's knees .

How he achieved his current position is symptomatic of the old boys club that was & continues to be so prevalent in financial circles.

All senior bankers who set Bank policies that crucified the country should have been removed from such positions.


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## Struggling (11 May 2014)

Delboy said:


> He has a nice take on IMHO/David Hall and AIB's relationship



http://www.askaboutmoney.com/showthread.php?t=173794

That's the link to my case. In November 2012 I was already living to the pin of my collar for 5 years. 5 years. I got agreement on a split mortgage from my bank through IMHO this year. Just think about it from someone else's point of view. In almost 8 years, I haven't thrown a kids birthday party, gone for a meal out that I wasn't a guest at, bought myself a new pair of shoes which weren't worn through, got my hair coloured at a hairdressers, been away for a holiday or weekend with my family which wasn't in someway subsidised by caring friends or family, shopped anywhere other than Aldi / Lidl and even they are the good weeks - when I can afford a shop. 

My kids, don't even ask for things anymore. This has been my life. Relentless. Relentless. No spontanaeity, no luxuries, no "living life to the full". Me and my husband and 4 kids. And IMHO have given us the gift of security in our home at least. We don't have much but we have that.

S.


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## Grizzly (12 May 2014)

I worked for the BOI for 15 years and had a non contributory pension. When I left back in 1986 I asked about my pension and I was told that I was entitled to nothing. So 15 years of money being set aside for me disappeared overnight. 
I don't have much time for these people who walk all over people when they are looking after themselves.


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## RainyDay (12 May 2014)

Grizzly said:


> I worked for the BOI for 15 years and had a non contributory pension. When I left back in 1986 I asked about my pension and I was told that I was entitled to nothing. So 15 years of money being set aside for me disappeared overnight.
> I don't have much time for these people who walk all over people when they are looking after themselves.



In fairness to BOI, I think that was the same story for many, many pension funds at that time, where those who left before retirement got nothing. Outrageous  indeed, but not specific to BOI, and has been addressed by legislation since then.


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## Gerry Canning (12 May 2014)

I read too much credit for MR Boucher!and /or Boi.
1. It is ok for Boi to write off business debt , which they do.
2. But It is not Ok to write off personal debt ?
........................................
Strange is it not ,that the People who bailed BOI out ie us, get no write downs whilst Eircom/Independent etc get business write downs from Banks. I saw no limited companies providing to help BOI survive . 
From what I see the reason Business gets write downs is to make that business sustainable ie no MORE losses.
What is the difference ina genuine Mr Normal getting write down to sustainable levels ?
This is the same BOI who have been serially found to have stolen, (they prefer to use the word mis-sold) insurance funds from customers. 
,  
This is the same Boi whose Chairman has had his Bonuses from LLoyds revoked .
So this is the Quality of the current Bank Leaders!
The more things change the more they stay the same!
Do not confuse Mr Bouchers strong argumentative stance with integrity or honesty.


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