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.