Top management at Bank of Ireland have shifted almost €30m of their own money out of the bank since the start of 2010.
The bank's annual report reveals that "key management personnel" (KMPs) held as much as €39.7m in personal deposits at the bank in 2010. By December 2011, that figure had dropped to €11m.
Chief executive Richie Boucher, who was paid a staggering €831,000 last year, and governor Pat Molloy are listed as "key management personnel". The bank's non-executive board members, group executive directors as well as other high-ranking bankers are also included.
It is not clear which of the key insiders reduced their deposits with the bank. Up to 22 top executives had major deposits with the bank last year, down from a peak of 26 in 2010.
"It is bank policy not to comment on individual customer transactions over and above what is published in the report," said the bank.
"We would draw your attention to the definition of KMPs and the fact that KMPs will not be the same from year to year."
Panic, fuelled by speculation that that Ireland would default on its debt and exit the euro, saw Irish banks haemorrhage funds over the last 18 months. Close to €28bn in private sector deposits have left the Irish banking systems since February 2010.
Last month the Central Bank announced that the amount of money held on deposit by ordinary households and businesses had actually rose at the bailed out Irish banks AIB, Bank of Ireland and Permanent TSB. Savings increased by €104m from €102.5bn in December 2011 to €102.6bn in January 2012.
Bank of Ireland's deposit rates are no great shakes, with its top demand savings account rate of 3 per cent trailing offers from KBC, AIB and EBS last week. Its one-year fixed rate of 3.5 per cent was well behind rates offered by KBC, Investec, AIB and EBS last week, according to data from Irishdeposits.ie.
Bank directors, executives and related persons also pared their borrowings from the bank. Last year there was controversy over the disclosure that an individual related to Governor Pat Molloy had a bank loan of over €35m. The most recent disclosures from the bank show that people related to Mr Molloy owed the bank close to €2.4m in 2011, although this figure fell to €1.25m by the end of the financial year.
The BoI annual report last week revealed that Mr Boucher had bagged a €831,000 pay package in 2011. This was far above the €623,000 sanctioned by the Department of Finance in 2009. Boucher's bumper pay day included €174,000 in pension contributions and €34,000 in other remuneration, which includes a car allowance, club memberships and other benefits in kind. The bankers waived 10 per cent, or €67,000, of his salary in 2011 and this waiver is extended into 2012.
The bank, in which the State owns a 15 per cent stake, will come under increasing scrutiny over amounts it pays Boucher and other top executives in coming weeks.
In 2010, the bank's executive directors, including Boucher, agreed voluntary pension benefit reductions. One of these measures included a freeze on salary qualifying for pension purposes "until April 2012".
"We provide full disclosure on the above on an annual basis and have no further comment on future remuneration," said the bank.