Soden case was betrayal of trust

David Clerkin argues that Bank of Ireland broke its duty of confidentiality.

The bank's €3 million settlement with Michael Soden, who resigned as chief executive last May after it was leaked to the media that he had viewed adult material on his work computer, will undoubtedly be seen in some quarters as too generous for a man whose extraordinary lapse brought about his downfall.

But the payment will go some way towards recognising the bank's failure to keep its own house in order. Mr Soden's uninspired reign in Baggot Street had done much to undermine the impressive track record he built up in major international banks before being chosen by the bank's board in 2001 as the man to guide it into the future.