BOI Boucher’s €843k package ‘obscene’, Doherty says

Despite sacrifice of ordinary people bank continues to show contempt’, SF TD tells Dáil

The total package of ¤843,00 paid to Bank of Ireland CEO Richie Boucher’s is ‘obscene’’, Sinn Féin finance spokesman Pearse Doherty has said.
Photograph: Alan Betson / The
Irish Times

The total package of ¤843,00 paid to Bank of Ireland CEO Richie Boucher’s is ‘obscene’’, Sinn Féin finance spokesman Pearse Doherty has said. Photograph: Alan Betson / The Irish Times

Wed, Apr 9, 2014, 13:56

The total package of €843,00 paid to Bank of Ireland CEO Richie Boucher’s is “obscene’’, Sinn Féin finance spokesman Pearse Doherty has said.

He told the Dáil today that the bank had only been saved because of the sacrifices of the Irish taxpayers. “Despite all the hardship endured by ordinary people…by hardworking people across this State…this bank continues to show contempt for the Irish people,’’ he added.

Mr Doherty said Taoiseach Enda Kenny had told the Dáil last April he expected a substantial contribution from the leadership of the banks on pay and pensions. Mr Kenny, he added, had said extraordinary salaries were being paid.

“A year later, we know that not one cent of the basic pay of top bankers has been reduced,’’ Mr Doherty added.

Minister for Finance Michael Noonan, who was taking Opposition leaders’ question in Mr Kenny’s absence, said Mr Doherty could make those points directly to the bank’s representatives when they came before the Oireachtas Committee on Finance in the coming days.

He said the Government had capped bank salaries at a half-million euro, adding that the arrangements for the Bank of Ireland CEO had been entered into prior to him becoming Minister.

“We have 14 per cent of Bank of Ireland,’’ Mr Noonan added. “It is, by and large, a privately owned bank and in privately owned banks shareholders tend to reward key staff.’’

The Minister said the saving targets set in the Mercer report on remuneration at bailed out banks had been exceeded. There had been significant salary cuts, he added.