Cap executive pay for three years

Was it cowardice or something more devious that prevented Finance Minister Noonan’s presence or representation at the Bank of Ireland’s AGM?

More emphatically so since he represents the Government and the people who, with their 15% stake, are by far the biggest shareholders.

Mr Noonan should have been present with critical and practical comment — not least to explain the formalities in appointing those executives. In the case of CEO Boucher, the minister should have been there to display his anger at why Richie was allowed contravene the €500,000 salary cap set by the Government. Crediting Boucher for the ‘penny shares bank’ performance over the past year could only have come from the wealthy sharks speculating or gambling millions. Acceptance of new arrival Chairman Archie Keane from Lloyds TSB with an initial feathering of his nest to the tune of €490,000, was also questionable.

I could suggest a more practical step for the Government to raise some real money.

CAP all executive bankers and civil servants salaries at €400,000 and freeze them for three years.

James Gleeson

Thurles

Co Tipperary