The Bank Of Ireland yesterday denied its chief executive, Mr Michael Soden, had resigned after a poster campaign claimed he had left the bank after just seven months in the post - and had received a golden handshake of €1.6 million.

The poster was advertising a protest in Dublin's Smithfield today where workers will protest for improved statutory redundancy conditions for employees who lose their jobs.

Today's protest is backed by an alliance of union activists. However, it was not clear last night who was responsible for putting the poster out.

Mr Soden received €1.6 million in remuneration from Bank of Ireland during his first seven months at the helm this year.

The size of that package drew some criticism when it emerged earlier this year.

It is thought that the campaign organisers may have confused this payment, understanding it to be a pay-off instead of a remuneration payment to Mr Soden, who remains chief executive.

The poster also featured Ms Susan Keating, former chief executive of the Allfirst banking group in the US. Allfirst was then owned fully by AIB Bank.

The poster also featured Mr Donal Geaney, formerly chairman and chief executive officer of Elan.

After the error regarding Mr Soden was spotted, the Bank of Ireland released a statement saying the poster was wrong.

"A poster campaign in support of a demonstration by trade unionists tomorrow campaigning for increased redundancy payments inadvertently states that Michael Soden has left Bank of Ireland," it said.

"This statement is completely untrue."

A Bank of Ireland spokeswoman told RTE radio's Liveline programme that Mr Soden was still "gladly" with the group.