Bank of Ireland directors share €2.5 million in pay

The board of directors and other top staff at Bank of Ireland earned over €2.5 million last year according to the bank's annual report released today.

Chief executive Richie Boucher earned €910,000 in 2012 but reduced his take home pay to €843,000 after waiving €67,000 from his annual salary.

His pay package was made up of €690,000 gross salary, €186,000 in pension contributions and a €34,000 car allowance.

Mr Boucher has waived part of his pay for the last three years, though the arrangement will expire at the end of the year.

Bank of Ireland governor Archie Kane, who joined the bank from Lloyds Banking Group last year, claimed a €262,000 salary package in 2012.

The payment included a €37,000 accommodation, utilities and car allowance and €59,000 for his consulting work with Bank of Ireland in the UK.

No bonuses were awarded after the bank reported a loss of €1.5 billion earlier this year.

The report follows calls from Minister for Finance Michael Noonan to cut staff costs by 10 per cent at Bank of Ireland, AIB and Permanent TSB as the banks are operating at a loss.