Bank of Ireland CEO Richie Boucher received a salary of €623,000 last year.

In addition he recieved a pension contribution of €174,000 and other payments totalling €34,000 - bringing his overall package to €831,000.

The bank's annual report says he was awarded a salary of €690,000 but waived €67,000.

A spokesperson for the bank said this arrangement had been agreed with former Minister for Finance Brian Lenihan.

The bank said Mr Boucher's core salary was €500,000, which was within the Government's salary cap.

He was paid a further €123,000 as pension cash allowance for waiving his right to retire at the age of 55, the spokesperson said.

She added the salary for Mr Boucher was the same as in 2010.