Former chief executive of Bank of Ireland Brian Goggin, who stepped down in February, was paid just over €3 million for the year to the end of March 2009, the bank's annual report has revealed.
While his salary was €1.1 million, he also recieved a €1.46 million payment in lieu of him not working out his 12- month notice period.
The report, published this morning, showed that directors' salaries at the bank have been reduced by at least 33 per cent while non-executive directors' pay has been cut by 25 per cent.
Mr Goggin's replacement Riche Boucher received €1.07 million over the year, down from 1.46 million euros in the previous year.
Bank of Ireland chairman Richard Burrows. who received €503,000, down €9,000, said that in addition to a reduction in executives' pay, no increases or bonuses would be awarded during this year or 2010.
Total payments to directors of the bank, which has lost about 80 per cent of its value in the last year, dropped to €8.7 million from €10.7 million a year ago.
In a statement, Mr Burrows, who is to step down next month, said that the last financial year had been one of the most difficult years in the history of the bank with the group's financial position deteriorating dramatically. However, he added that BoI had "fundamentally sound businesses with strong market positions and enduring franchises."
"Our immediate priority is to stabilise the business while being confident that we can emerge from this period of difficulty in a postion to grow again in the future," he said.
In the year ended March 31st, Bank or Ireland recorded a loss before tax of €7 million.
