herald

Tuesday 14 August 2018

BOI faces legal probe after we expose its secret perks

THE ATTORNEY General is undertaking an investigation into bonus payments shelled out by Bank of Ireland to key bankers, as first revealed by the Herald on Saturday.

The AG and the Department of Finance are looking at the misinfor-mation provided by Bank of Ireland which meant that the department was unaware of the millions of euro in bonuses.

Bank of Ireland signed a so-called Subscription Agreement when taxpayers bailed out the bank in March 2009.

The bank agreed to disclose payments of bonuses between the years 2006 and 2008 to Finance Minister Brian Lenihan.

And Bank of Ireland told the minister that no bonuses were paid in the period.

However, the bank has now admitted that it paid "contractual bonuses", which also have a performance-related element, to key members of staff, as first revealed by the Herald last week

The bank's CEO has now apologised "unreservedly" to Mr Lenihan after initially telling him that no such payments were being made.

hnews@herald.ie

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