Soden defends pension levels for ex bank bosses
The former head of Bank of Ireland has defended levels of pension payments to retired bank chiefs today.
Mike Soden's comments come after reports that the former head of AIB Eugene Sheehy has agreed to take a cut in his pension.
"Quite honestly, the shareholders determine, in private entities what they get paid," he said.
"The bank was never in receipt of any State money when I was there."
In a statement released to the Irish Times today, it was revealed that Mr Sheehy's annual payment will fall from between €300-325,000 down to €250,000.
The bank confirmed yesterday it was asking former directors to consider taking a voluntary cut to their pensions.
The decision by former head of AIB Eugene Sheehy to forego part of his pension comes following pressure from the Taoiseach, who said the lenders former managers had a "moral responsibilityy" to reduce their retirement entitlements.
Mr Soden said that he has not taken a cut to his own pension, but is prepared to if he is asked.
"I don't wish to bring it upon myself," he said. "I would be quite willing to do whatever is consistent with the practises of banking in this country, and what is deemed best for the banks themselves."
