Bank of Ireland gave Soden ?2.3m pay off
Bank of Ireland has made a special payment of ?2.3m to Michael Soden, its former chief executive who was forced to resign in May 2005 after he admitted to using his office computer to access internet pornography sites.
The disclosure has been made in the Bank of Ireland?s annual report, which was released this morning.
The payment, which includes a ?400,000 contribution to his pension fund, was made "in settlement of potential litigation by Mr Soden against the group," according to a note in the annual report today.
The bank made the payment of ?2.3m and a ?400,000 pension top up to settle potential litigation by Mr Soden against the financial institution.
In addition to the pay-off, he also received ?269,000 euro for working until his abrupt departure.
The annual report also shows that the current chief executive Brian Goggin was paid a total package of ?1.9m in the last financial year.
In the report, Mr Goggin is optimistic about the future performance for bank. However, the company is seeking to streamline operations in a move which will result in shedding 2,100 jobs.
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