Money ‘a secondary consideration’ as chief accepts €1.3m pay cut

EUGENE Sheehy, who was paid more than €2 million in salary and bonuses in 2007, is facing much leaner times as head of the country’s top bank.

He confirmed yesterday his total pay will be just short of €700,000 a year for as long as he says in the job, which represents a cut of over 60% in pay and bonuses compared to recent pay packages.

Due to retire in five years, Mr Sheehy said the money is only a secondary consideration to him and reaffirmed he will not take any pay increases or bonus payments while he remains as chief executive.