Directors pay at Bank of Ireland rises 2% but CEO takes a cut

Directors' remuneration at Bank of Ireland increased by 2 per cent to €2.87 million last year. However, the remuneration of the bank's chief executive Richie Boucher reduced by €3,000 last year to €958,000, according to its latest annual report, published on Friday.

Mr Boucher’s gross salary was unchanged at €690,000, as was other remuneration of €34,000, while his pension contribution, which varies each year, came to €234,000.

Chief financial officer Andrew Keating received a 12 per cent increase in his remuneration to €552,000. Mr Keating's gross salary increased last year to €468,000, from €422,000 in 2015. His pension contribution rose by 39 per cent to €53,000, while other remuneration was unchanged at €31,000.

The remuneration of Governor Archie Kane was unchanged at €490,000, while deputy governor Patrick Kennedy received €126,000, up from €113,000.

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Ex gratia payments made to former directors or dependents amounted to €199,000, down from €201,000 a year earlier.

No bonuses were paid to Bank of Ireland executives last year, a theme since the global financial crash in late 2008. The bank is 14 per cent State owned.