The boss at bailed out Bank of Ireland was paid over $1.2million in 2012 – despite the bank reporting a loss of almost $3billion.
Richie Boucher’s pay package has been made public as it emerged that a former government Minister appointed to the board at the bank also enjoyed an increase.
Boucher’s pay rose by $15,000, the first time the value of his pay and pension package has increased since he was appointed in 2009.
And former Fianna Fail Minister Joe Walsh - one of two directors of BoI appointed to keep an eye on the lender on behalf of taxpayers - also enjoyed a significant pay hike according to the Irish Independent.
The paper reports that Walsh’s director fees increased by 14 per cent to $120,000 last year when he attended 18 board meetings.
He also attended eight board sub-committee meetings, including chairing the group that monitors pay. Walsh also enjoys a state pension of $140,000.
Bank of Ireland chairman Archie Kane is paid a whopping $50,000 a year to cover accommodation, utilities and the cost of running a car with an annual salary worth over $500,000.
The bank’s annual report says that Kane was also paid consultancy fees of $75,000 in 2012.
Boucher’s package includes salary, benefits and pension contributions, according to the bank's annual report.
The report says he took a 20 per cent pay cut when he was promoted to run the bank in 2009 but was not bound by the supposed $650,000 a year cap on pay at bailed-out lenders.
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Switch to the desktop site to post a comment.bucktown773 | Mar 27, 2013, 03:37 PM EDT
I think we need a talanted boss, there is still alot of work that needs to done here...All bankers at this level are paid big money,and this a difficult job too. I am really ok with what he is getting paid!
IrelandNorth | Mar 21, 2013, 04:40 PM EDT
An Englishman in charge of the Bank of Ireland? We obviously haven't got the hang of capitalism yet. You're supposed to reward profits not losses. These salaries are in stark contrast to cut backs in social welfare for people who can find jobs that don't exist. An interesting insight as to what's wrong with this state.
merefalow | Mar 21, 2013, 03:46 PM EDT
casualIMBA,please,out do me,by allmeans.feel free to ,i bloody hate censorship,and seeing as the brits have just recieved WORLD WIDE CONDEMNATION for overturning 300 years of press freedom,cant see what freedom that was as they had the dnotice system well in place,so go for it,irish central censors.
casualMBA | Mar 20, 2013, 11:03 PM EDT
merefalow, is this the most constructive way to speak of NAMA?
merefalow | Mar 20, 2013, 03:34 PM EDT
if my comments are censored once again i will not use this gagged platform,this bastion of censorship,this nest of lickspittles.this manufacturer of gags.
flyoffthewall | Mar 20, 2013, 01:58 PM EDT
Has the time come to introduce capital punishment for CAPITAL crimes?
seamus60 | Mar 20, 2013, 10:02 AM EDT
Rewarded for failure whilst repossessions are about to increase. So So Logical.