BoI raises executive salaries

Bank of Ireland executives saw their pay rise substantially last year

Bank of Ireland executives saw their pay rise substantially last year.Chief executive Mr Michael Soden saw his remuneration fall to €1.32 million from €1.6 million for the six months he served in the previous financial year.

However, when €963,444 in stock granted to Mr Soden when he joined the bank in September 2001 is stripped out, the package shows a small increase on the previous year.

Last year Mr Soden was the main driver behind a failed approach to Abbey National.

Mr Brian Goggin, the only other executive director to serve in both years, saw his package rise by more than 50 per cent to €743,000.

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Overall, boardroom remuneration rose nearly 21 per cent to €3.39 million from €2.81 million a year earlier.

Governor Mr Laurence saw his pay rise 18 per cent to €292,000 with pension contributions adding €20,000 to the package.