B of I directors receive shares in part-payment

Bank of Ireland's 14 non-executive directors have taken shares in the company in part-payment of their fees for last year.

The directors, led by bank chairman Mr Laurence Crowley, took more than €27,000 of their collective fees in stock - buying 2,710 shares between them. All the shares were bought at the same price, €10.097.

All the non-executive directors, including Mr Declan McCourt and Mr Terry Neill, who only joined the board in April, took part in the purchase. Sir Michael Hodgkinson, who was named to the board only last week, did not participate in the programme, details of which were announced to the Irish Stock Exchange yesterday.

Mr Crowley bought 817 shares for a total investment of €8,250. Mr Crowley was paid a salary of €292,000 in the year to March 2003. Details of his pay in the year to this March have not yet been disclosed.

Mr Crowley now holds 32,698 shares in the bank.

Deputy governor Mr Richard Burrows holds 46,226 shares following the acquisition of 245 shares in lieu of part of his fees. The shares cost €2,474. Mr Burrows was paid €73,000 in the year to March 2003.

Former chief executive Mr Maurice Keane took 155 shares in the current round at a cost of €1,565, bringing his total shareholding to 1,191,487 shares. Mr Keane received director's fees of €57,000 in the year to March 2003.

Former deputy governor Ms Mary Redmond also bought 155 shares worth €1,565 in lieu of part of her fees. Ms Redmond, who was paid €71,000 in the previous year, holds 2,698 shares in Bank of Ireland.

Mr Roy Bailie, who was paid €57,000 for court of director duties in the year to March 2003, had 209 shares bought on his behalf in lieu of part of his fees at a price of just over €2,110. Mr Bailie now owns 3,561 bank shares.

Seven other directors - Mr David Dilger; Mr Donal Geaney; Mr Ray MacSharry, Mr George Magan; Esat founder Mr Denis O'Brien; Ms Caroline Marland; and Mr Tom Moran - bought 155 shares apiece at a cost of €1,565.

The fee for non-executives in the year to March 2003 was €57,000. Mr O'Brien and Mr Magan joined the board in July 2003. Mr Dilger now holds 2,345 bank shares, Mr Geaney 7,889, Mr MacSharry 1,775, Mr Magan 1,245, Mr O'Brien 301,526, Ms Marland 1,526 and Mr Moran 1,541.

The two recently appointed directors, Mr McCourt and Mr Neill acquired just 22 shares each at a cost of just over €222. Mr McCourt holds 5,022 bank shares with Mr Neill having 44,148.