Bank of Ireland directors' pay cost a total of €2.76 million last year, Minister of State for Finance Simon Harris told the Dáil.

He said the figure was down marginally on €2.77 million the previous year.

“Within this total, it is worth noting the following: total remuneration costs, including pension contributions, where applicable, for the two executive directors and the governor and deputy governor remained unchanged year-on-year,’’ Mr Harris added.

He said since May 2009, the group chief executive had waived a portion of his salary, amounting to €67,000, and €51,000 of his pension accrual last year. Mr Harris said to vote against the proposed resolution in directors' remuneration would have been a significant and serious matter and could be perceived as interfering in a commercial entity, damaging Ireland and bank investments.

Accordingly, he said, Minister for Finance Michael Noonan decided it was appropriate to vote in favour of the resolutions.

Mr Harris was replying to Independent TD Shane Ross who said he had recently attended the AIB and Bank of Ireland agms. They followed a similar pattern, Mr Ross said. "On the platform was a group of overpaid executives. Off the platform in the audience was a crowd of battered shareholders who had had a difficult time in recent years.''

In the background, he said, was a history of exorbitant standard variable rate mortgages, with both banks executing a punitive regime on their customers. He asked what had motivated Mr Noonan to have his representative vote for incredible salaries. Mr Ross said the Minister should have told them they would all be gone unless the foot was taken off the throats of standard variable rate mortgage holders.