Hayes: I wouldn't pay Boucher €843k

The Junior Finance Minister Brian Hayes has admitted he wouldn't pay the head of Bank of Ireland €843,000 a year.

However, Mr Hayes has defended the Government's decision to abstain from a vote on Richie Boucher's remuneration package.

Shareholders at Bank of Ireland are voting on the issue at the bank's AGM this morning.

The Government could have exercised its right to vote, given that the state is a 15% shareholder, but the Minister for Finance Michael Noonan is abstaining.

Minister Hayes said the Government does not get involved in the day-to-day running of the bank, but admits the package is too much.

He said: "I wouldn't pay him that, but the question is this, 'does Mr Boucher's pay structure pre-date the time when the contract was in there? Yes, it does.

"I understand in this case that because they do not have full State ownership, as they do in the other banks, that doesn't apply.

"We are determined to make sure that we get something between 6% and 10% savings right across the board."