BoI chief Boucher’s pay package rises to €843k

Bank of Ireland chief executive Richie Boucher’s total remuneration increased by 1.44% to €843,000 last year, according to the company’s latest annualreport.

However, before taking the €67,000 that he waived into account, Mr Boucher’s total pay package last year increased from €898,000 to €910,000.

As with the previous year, Mr Boucher received a gross salary of €690,000 last year and waived €67,000.

After amounts waived, his total package increased from €831,000 to €843,000 — boosted by a €12,000 increase in his pension contribution to €186,000.

He also received other remuneration of €34,000.

Executive pay levels at Bank of Ireland have been frozen in recent years along with no bonusesbeing paid.

Mr Boucher’s basic salary contract was formally approved by former finance minister, the late Brian Lenihan, in 2009, before the €500,000 salary cap was established by Government.

However, the bank has claimed that his core salary comes within that cap.

Overall, however, Bank of Ireland’s board of directors shared a combined €2.56m in remuneration last year.

Mr Boucher’s total package was double that of the next highest — and only other executive member of the bank’s board — chief financial officer, Andrew Keating, who was paid €418,000, but who was only appointed to his post in February of last year.

Mr Keating’s basic salary amounts to €390,000, before the addition of pension contributions and other remunerations.

New chairman/governor, Archie Kane — who joined last summer — was paid a total of €262,000 last year; a package which included a €37,000 accommodation, utilities and car allowance.

Bank of Ireland’s annual report comes two weeks after the publication of a stark set of financial results for the institution; which saw pre-tax losses rise from €190m to just under €2.2bn for 2012.

The results also showed a rise in the number of mortgage arrears cases, amongst its customer base, but a €7m decline (to €462m) in the impairment charge taken on residential mortgages.

Bank of Ireland is also, reportedly, not planning to cut staff pay, as part of the Government’s directive for the banks to cut remuneration costs by between 6% and 10%.

It is, instead, planning to tackle its €1.2bn pension deficit, which could see staff members’ benefits reduced, or their contributions to the pension scheme increased.