Richie Boucher snaps up battered Bank of Ireland shares

Bank of Ireland’s two top board members moved on Wednesday to snap up some shares in the lender, after the stock was heavily sold off in the immediate aftermath of the UK’s Brexit referendum.

Chief executive Richie Boucher bought 99,000 shares at 0.1899 cents each -- a total outlay of less than €19,000. Chairman Archie Kane acquired 200,000 shares at 0.1945 cents, costing him almost €40,000.

Bank of Ireland’s shares plunged 38 per cent over two sessions following the surprise news that the UK, where the bank has more than 40 per cent of its loan book, is set to leave the EU. Some analysts have suggested that the bank’s plan to return to paying a dividend next year for the first time since 2008 is at risk as it may seek to hoard capital amid an uncertain outlook for the UK and Irish economies.

The Dublin-based lender’s stock rallied by 10.6 per cent on Tuesday but had a choppy session on Wednesday, swinging between a 5.8 per cent gain an losses of as much as 3.8 per cent. It ended the session off 1.6 per cent at 0.185 cents.

While the amount of shares the two board members bought is very small, some investors keep a close eye on director dealings in stock.