Bank of Ireland Governor Gets Bonuses Trashed Due to PPI Responsibilities

March 30, 2015
by admin in PPI News

Bank of Ireland’s €490,000-a-year boss Archie Kane had his bonuses clawed back from Lloyds, particularly the last portion of his supposed bonuses from 2010-2011, the year mis sold PPI erupted.

The biggest consumer financing scandal had his €907,000 bonus from Lloyds in 2010 in the form of three shares have a bonus clawed back by 25pc in 2012. The following years saw that his PPI was clawed back 25pc in 2013, 2014 and now 2015.

However, the Bank of Ireland has no qualms about his performance.

“Bank of Ireland conducted an extensive international search through an independent agency, with Mr Kane identified as the best qualified candidate. Following this, he underwent the rigorous Central Bank fitness and probity process, and was approved by the Central Bank,” said a bank spokesperson.

PPI mis selling had also seen several CEOs from Lloyds, Barclays, Santander, HSBC and RBS have their bonuses reduced, or even removed, due to their poor performance.

Meanwhile, due to Kane’s performance at the peak of PPI mis selling, the bank had set aside more than £12 billion to recompense consumers with mis sold PPI