BoI bonus culture under scrutiny

THE Department of Finance has begun investigating a previously denied bonus payment culture at Bank of Ireland with Brian Lenihan saying that similar conditions imposed on AIB at the end of 2010 are likely to come into play in this case too.

In a written reply to a Parliamentary Question on the matter, from Labour Party deputy leader Joan Burton, Mr Lenihan said that Bank of Ireland had informed him that their previous line that they had paid no performance-related bonuses to staff last year was actually incorrect, not having taken into account contractual bonuses, which are still classed as performance-related.

It emerged before Christmas that one senior Bank of Ireland executive was paid a reported €500,000 in one bonus last year.