Bank of Ireland pays directors €2.77m in salaries and fees

BANK of Ireland paid its directors €2.77m in total last year, made up of salaries, fees, car and pension contributions.

Richie Boucher’s total pay package of €843,000 is unchanged from 2012, according to the bank’s annual report published yesterday.

The bank chief executive’s basic pay of €690,000 was topped up by pension contributions worth €186,000 and car and other benefits totalling €34,000. In keeping with recent years Mr Boucher waived €67,000 of his potential pay.

Unlike the heads of the other banks that received taxpayer bailouts, Mr Boucher’s pay has never been subject to the Government’s notional €500,000 cap on salaries because it was negotiated back in 2009 – before the limit was introduced.

Bank of Ireland’s group chief financial officer Andrew Keating, who was appointed in 2012, has an annual salary of €390,000, and with benefits and pension his total pay was €456,000.

The highest-paid non executives at the bank last year were chairman Archie Kane, who was paid €490,000, and deputy chairman Patrick O’Sullivan, who received €126,000.

US billionaire Wilbur Ross picked up €63,000 in director fees for sitting on the board – or court as it is known – of Bank of Ireland.

Canadian investor Prem Watsa received €35,000 though he stepped down in July.

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