Bank of Ireland chief executive Richie Boucher waived an additional €51,000 from his remuneration last year as his total pay package remained unchanged from 2013 at €843,000.

This emerges in the company’s annual report. In total, Mr Boucher waived €118,000 in salary and pension last year, up from €67,000 in 2013. The increase in the amount waived related to his pension accrual, which reduced the funding cost to the bank.

Mr Boucher’s full remuneration, before the amount he waived, was €961,000. This comprised a salary of €690,000, other remuneration of €34,000 and a pension payment of €237,000.

The report also shows that 26,000 share options held by Mr Boucher lapsed during the year. They had an exercise price of €10.76 at a time when the bank’s stock was trading at around 26 cent.

Mr Boucher has 23,000 share options remaining that will expire on June 21st. These have an exercise price of €12.85.

The bank's annual report shows that finance director Andrew Keating was paid €456,000 in 2014, the same amount as in the previous year.

This comprised a salary of €390,000, other remuneration of €31,000 and a pension payment of €35,000.

Chairman Archie Kane was paid €490,000 last year, again unchanged on 2013. This was made up of a salary of €394,000, fees of €59,000 and other remuneration of €37,000.

In total, Bank of Ireland’s directors were paid €2.76 million in 2014, down marginally on the previous year.

The report states that no bonuses have been paid to executive directors since 2008.