Business Irish

Monday 19 March 2018

BoI pays thousands to rent a plush flat for new chairman

Nick Webb

Nick Webb

BANK of Ireland is understood to be paying several thousand euro in rent for a luxury apartment for its new chairman, Archie Kane.

Kane nestled into the €390,000-per-year role as Bank of Ireland governor two weeks ago, replacing Pat Molloy, who retired after three years at the helm. Kane was formerly with Lloyds Bank.

"Archie Kane has taken an apartment here in Dublin. He is committed to spending a number of days a week here (and has been doing so for the past number of weeks) in his non-executive role as Governor," according to the Bank.

The taxpayer owns 15 per cent of Bank of Ireland, having bailed it out after it came a cropper in a wild spree of unwise lending. At the end of February, it was revealed that Irish banks held 895 properties which had been repossessed.

Last month, the State-owned AIB told shareholders that it had paid €4,500 a month to rent an apartment in Dublin for its then executive chairman, David Hodgkinson, in 2011. The bank declined to provide the location of the apartment.

Anglo Irish Bank used also maintain an apartment for executives in London, which it rented from the FitzPatrick family.

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