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Bank of Ireland CEO received total pay of €843,000 last year

Bank of Ireland’s annual report reveals a minor pay increase for Richie Boucher, despite pre-tax losses of €2.17 billion.

Image: Niall Carson/PA Archive

THE CHIEF EXECUTIVE of Bank of Ireland received a total pay packet worth €843,000 last year – despite the bank posting a pre-tax loss of over €2.1 billion.

Richie Boucher received basic pay of €690,000, with €186,000 contributed to his pension fund and other remuneration (including a company car) worth €34,000.

The total package would have been worth €910,000, but Boucher waived €67,000 of his pay – the second year in succession that he has done so.

Boucher’s total remuneration package – revealed in the bank’s annual report for 2012 – is up by 1.3 per cent on the €898,000 he had been awarded for 2011, when the bank had incurred a €190 million loss.

Boucher was the only director of the bank to have waived part of his salary for 2012.

Chief Financial Officer Andrew Keating received a total pay packet of €418,000, including basic pay of €358,000.

Archie Kane, a former executive director of Lloyds Banking Group who was appointed as the bank’s governor in June, received a total of €262,000.

Kane’s predecessor, Pat Molloy, received a gross salary of €197,000 for his six months as governor, on top of a separate pension for previous work at the bank.

None of the directors received a performance bonus. Bank of Ireland, which has received a total of €4.7 billion in State aid since the onset of the banking crisis, has not paid a performance bonus since 2008.

Bank of Ireland’s losses for 2012 came largely as a result of €1.72 billion in impairment charges on loans, with just over a quarter of that amount – €462 million – coming from mortgages.

The bank has appointed 1,100 rent receivers to collect rent from landlords.

Read: Bank of Ireland loses €2.1 billion in 2012

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Gavan Reilly

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