TRAWLING through Bank of Ireland's document on the takeover of Bristol & West Building Society, The Margin noted that B&W chairman, Lord Armstrong, is on a very handy £40,000 a year as non-executive chairman.

For those not well up on British building society affairs, Lord Armstrong is the former Sir Robert Armstrong, Cabinet Secretary during the Thatcher years. But perhaps the Lord is best known for his comment during the famous Spycatcher trial in Australia that he had been "economical with the truth".