The chief executive, directors and senior managers at Irish Life and Permanent will not be paid bonuses for last year.
Chief Executive Denis Casey was paid €890,000 compared with €1.3m a year earlier, the company revealed today.
Chairwoman Gillian Bowler was paid €288,000 instead of €420,000, which she would have been entitled to.
Irish Life and Permanent has also frozen the pay for senior managers and directors for 2009.
For all other staff, any bonuses due for 2008 will be cut by 75%.
A spokesman for the Group said that the decisions which had been made in respect of remuneration reflected the challenges facing the business and the broader economy.
The spokesman also said that these decisions had been taken on the Group’s own initiative and it would continue to work closely with the Government appointed review Group on Senior Executive Pay in the banking sector.