Bank of Ireland may have the flexibility to offer a pay package higher than the State-imposed limits to its next chief executive.

Minister for Finance Michael Noonan: “If [Bank of Ireland] appoint somebody significant from outside, I think the parameters for negotiating pay will be somewhere in line with Mr Boucher’s case.” Photograph: Bryan O’Brien

The remuneration of the outgoing chief executive Richie Boucher exceeded the limits and according to the Minister for Finance Michael Noonan: “If they appoint somebody significant from outside, I think the parameters for negotiating pay will be somewhere in line with Mr Boucher’s case.”

Speaking to reporters on Monday the minister said: “It’ll depend on who the appointment is. I have not a proposal yet in front of me.”

While the chief executives of bailed-out banks have had their pay capped at €500,000, Mr Boucher’s has been above that level since his 2009 appointment. His salary was €690,000 last year but total compensation reached €958,000.