Noonan Backing Fatcat Boucher; ++ ECONOMY ++ ECONOMY ++ ECONOMY ++ BoI BOSS A 'GOOD MAN'
Byline: SARAH BARDON BY firstname.lastname@example.org
MICHAEL Noonan yesterday claimed he can do nothing to slash the fatcat pay of Richie Boucher, adding he was a "good director" at Bank of Ireland.
The Finance Minister was quizzed about the [euro]910,000 wage packet of the bank boss at a time when clerical staff are facing a 10% pay cut.
Mr Noonan said his hands were tied and hit out at Opposition parties for trying to "hang him in public".
He added: "I don't know anything to suggest he is not a good director and that he is not carrying out his functions.
"You want to hang him in public. Everything I know about him is he is a good director and a good man."
Making a mockery of Government efforts to curb banker's pay at [euro]500,000, the bailed-out lender's report showed Boucher earned a salary of [euro]690,000 in 2012.
He also raked in an additional [euro]34,000 in perks, which includes car costs and benefits in kind, and a further [euro]186,000 in pension contributions.
Boucher was paid the astonishing sum during a period when Bank of Ireland saw pre-tax losses shoot up from [euro]190million to [euro]2.16billion in 2012.
Mr Noonan said the State is a small shareholder in the institution and could do little to stop the payout.
He added: "You should always remember the State in respect of Bank of Ireland is a minority shareholder, we have 15% of the shares. …