Bank of Ireland chief executive Richie Boucher said the State is "well in the money" in terms of its investment and the support it has provided to the bank since the collapse of our financial system in late 2008.

“Taxpayers are being repaid and rewarded by Bank of Ireland,” Mr Boucher said yesterday.

Speaking at a business banking conference organised by Bank of Ireland in the Burlington Hotel, Mr Boucher noted that the State had provided €4.8 billion in bailout funds to Bank of Ireland, of which €3.8 billion had been repaid.

Mr Boucher said the Government also had €1.8 billion worth of preference shares, which carry an annual coupon of 10 per cent and a 15 per cent shareholding that is worth about €830 million.

“The State is in the money and it should be. We got support and an investment for which we are most grateful. It is morally important to me and my colleagues that that support is rewarded and repaid.”

Mr Boucher also said it was “unacceptable” to him that Bank of Ireland was number two in business banking in Ireland. “We are determined to be number one.”