Newstalk
Newstalk

15.52 24 Apr 2013


Share this article


The Taoiseach says the government is not voting against the pay package of the Bank of Ireland boss because it will be cut within weeks.

There is fury over the €840,000 remuneration of Chief Executive Richie Boucher after the bank lost €2 billion.

A vote on the remuneration package will take place this evening at the banks AGM.

In the Dail earlier the Taoiseach said he expects bank chiefs to take a significant cut when they respond to government calls on them to reduce their cost base by between 6 and 10%.

However Finance Minister Michael Noonan is to abstain from voting on the Boucher pay package.

"The bank already has the votes in"

Newstalk's Business Editor Ian Guider is at the AGM and says there is intense anger on the issue among the smaller shareholders.

"The small shareholders, they don't have as much a say as the big pension funds of these big investors - and even the government's 15% stake wouldn't be enough to block Richie Boucher" he said.

"It would also cause a row with the bank - they have supported them through and through the last couple of years, so they're not going to give them a bloody nose over this".

"It was just a needless row; and you kind of wonder - the shareholders here - are they just being led around the garden path here because the bank already has the votes in, they know exactly how it's going to go" he added.

Enda Kenny has told the Dáil that all bankers will be cutting their pay packets in the coming weeks and that is why Finance Minister Noonan will abstain on a vote on the pay this evening.


new jPlayerPlaylist({ jPlayer: '#0', cssSelectorAncestor: '#jp_container_0' }, [ { title:'Enda Kenny', mp3:'http://www.radiocms.net/content/hose/media/000221/258904_1346308.mp3'

} ], { swfPath: '/assets/includes/js/jPlayer', supplied: 'mp3', wmode: 'window' });


Share this article


Read more about

News

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

Off The Ball

Off The Ball

19:00-22:00

Share

Up next

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

LUNCHTIME LIVE

LUNCHTIME LIVE

12:00-14:00

Share

MONCRIEFF

MONCRIEFF

14:00-16:00

Share

THE HARD SHOULDER

THE HARD SHOULDER

16:00-19:00

Share

OFF THE BALL

OFF THE BALL

19:00-22:00

Share

00:00:00 / 00:00:00

Share on