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Good girls at wild parties will pale beside Archie's lost Lloyds bonus

It's squeaky bum time for BoI governor Archie Kane. And not because of Richie Boucher's view on "good girls at wild parties".

Archie's past is coming back to haunt him. Before joining BoI, he headed the Lloyds Bank insurance division. This is the division that is smack bang in the middle of a PPI misselling scandal that just keeps getting worse and worse. Last week, Lloyds Banking group posted a loss of €1bn, after putting aside €4.2bn to compensate clients bilked in the misselling of PPI.

Last year, Lloyds clawed back part of Archie's €907,000 bonus from 2010, when he was still at the bank. The next week or two may decide what happens to the remainder of that bonus.

Sources close to the bank told me last week that in the coming days Lloyds' remuneration committee would be examining a number of issues, including the possible clawback of some or all of the bonuses paid to Archie and other executives during the boom.

The last two years have seen not one but two clawbacks of Kane's €907,000 deferred shares bonus. These two "clawbacks" mean that Mr Kane has lost over €453,000 from the €907,000 bonus. And shareholders thought that Richie's unscripted comments were embarrassing?

Sunday Indo Business