Bank of Ireland (BoI) paid two departing executives more than €1m each over the past two years, including severance and redundancy payments.

Details of the payments - one each in 2019 and 2018 - are included in so-called 'Pillar 3' disclosures published by the bank, which provide far greater detail than traditional financial reports.

The two executives were the only people paid more than €1m by BoI. Neither was a director of the bank - if they had been, their remuneration would be included in the annual report alongside CEO Francesca McDonagh's pay in 2019 of €958,000.

The bank declined to name the highly paid leavers. Former chief financial officer Andrew Keating left BoI in October and subsequently joined CRH. His €551,000 pay in 2019 is included in the annual report, because he was a director of the bank. The two next most senior executives to leave in the period were former head of retail banking Liam McLoughlin, tipped as a potential CEO before leaving BoI in 2018, and Steve Collier, a former National Australia Bank (NAB) executive hired in February 2018 to lead BoI's €1.4bn technology overhaul before his surprise departure 18 months later. The Pillar 3 disclosure says: "One individual earned total remuneration of €1 million or more in 2018, including salary, car allowance, employer pension contributions, pay in lieu of notice, accrued and unused annual leave, statutory redundancy and voluntary parting payments." "One individual earned total remuneration of €1 million or more in 2019, including salary, employer pension contributions, pay in lieu of notice, accrued and unused annual leave, and severance." Bank of Ireland reported a fall in profits for 2019 yesterday. Underlying profits reduced to €758m, from €935m in 2018. The bank said the environment in which it is operating "has changed materially and is more challenging," citing lower-for-longer interest rates. The bank revised its targeted return on tangible equity (RoTE) for next year to around 8pc from more than 10pc. Management insisted the 10pc return remains a target over the longer term. Read more:

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