BoI bosses held over €43m in personal saving accounts
Bank of Ireland top brass had as much as €43m of their own money on deposit with the lender last year despite it offering some of the lowest savings rates available.
The bank's annual report reveals that "key management personnel" (KMPs) held up to €43.13m in personal deposits at the bank in 2012.
The balance at the end of December was just €9.8m. Bank of Ireland said that the reduction occurred as "the number and identity of KMP changed significantly last year". It added that the "assumption" that the funds had been withdrawn was "incorrect".
Last year, bank governor Pat Molloy retired, along with board member Jerome Kennedy. Four new board members including Prem Watsa, Wilbur Ross, Kent Atkinson and Patrick Haren were appointed; while Andrew Keating became the bank's new finance chief.
At the end of 2012 those deposits were held by 21 "key management personnel", according to the bank – an average of €466,000 each. The identities of the key management personnel who have savings at Bank of Ireland were not revealed by the bank.
"The opening balance includes balances and transactions with KMP who have retired during 2011 and are not related parties during the current year. Therefore, these KMP's are not included in the maximum amounts outstanding," the bank noted.
Bank of Ireland has slashed its deposit rate for savers over the last year, with its best demand savings account paying just two per cent – some 50 per cent less than the top market rate.
Bank of Ireland's other key personal deposit rates are very poor value compared to others, with the bank paying a staggeringly low 0.01 percent to savers with under €100,000 – or €10 for a year.
Last week, it emerged that Richie Boucher was paid €843,000 last year. Boucher was actually awarded €910,000 but waived close to €70,000 of his remuneration.