ANALYSIS: Many people who had key roles throughout the crisis will leave. The CEO, however, remains

BANK OF Ireland took a meaningful step yesterday to clear out its board of five pre-banking crisis directors, including two executives. The bank’s chief executive Richie Boucher (paid €724,000 last year) remains in place.

In an unusual approach, the two executives stepping down from the board – the bank calls it the “court” – are not actually leaving the bank, just the board.

Denis Donovan (paid €872,000 last year), head of capital markets, and Des Crowley (paid €607,000 last year), head of the Irish and UK businesses, will remain “core members” of the management team. Their stints on the board predate the crisis. The last executive to step down from a bank board but remain in management was AIB’s Donal Forde, who left the bank several months later.

They are the first executives to step down from the board since February 2009, when chief executive Brian Goggin resigned.

The Government has asked to see how the bank plans to change its board and management, while the Central Bank is to assess the fitness of long-standing senior executives to retain their roles.

Saying further changes, including new directors, may arise in the months ahead, the bank suggests executive changes could also be afoot.

Donovan and Crowley remain at executive level, while Boucher and chief financial officer John O’Donovan (paid €687,000), who have been directors for five and six years respectively, hold on to their seats in the boardroom and on the executive. O’Donovan is retiring next year at 60.

That will leave Boucher as the only executive on the board.

He played a leading role in the bank’s expansion into property development that has forced it to take a State bailout of €3.5 billion.

He has refused to budge, saying he has a job to do, which is no small feat; the bank must raise another €4.2 billion in cash by the end of July to avoid State control.

The coming months will be pivotal for his future at the bank.