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Expect pay cuts, Irish bankers told

Taoiseach Enda Kenny has warned the Republic's bank chiefs to expect "substantial and significant" pay cuts in the coming weeks.

He told the Dail that Finance Minister Michael Noonan expects pay cuts from bank executives – including Bank of Ireland (BoI) chief Richie Boucher – in the coming weeks.

But, as anticipated, BoI shareholders voted overwhelmingly in favour of the €843,000 (£717,600) a year pay deal for chief executive Richie Boucher as well as pay deals for other board members.

Over 99% of shareholders who did cast their ballots endorsed pay packages even as Mr Kenny said he wants to see "substantial and significant" pay cuts from bank executives.

Belfast Telegraph