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We say Goodbye… He finally left the stable — but not without his straw

Posted on: January 4th, 2010

BRIAN Goggin bade farewell to the marble halls of the Bank of Ireland 18 months early in February last.

As Bank of Ireland’s managing director he was the first of the big bankers to depart this year after a series of disastrous media outings. His response in an RTE interview that his pay package would be reduced to “less than €2m this year” rocked the nation and sealed his fate. It was an absolutely extraordinary statement from a man who had drawn €4m during 2007.

Goggin presided over the collapse of the Bank of Ireland’s share price from a high of nearly €19 to a low of just 12 cent, while benefiting from huge pay rewards himself.

His denial — for far too long — that Bank of Ireland was facing a crisis was surpassed only by the blind self-belief of his rival, Eugene Sheehy of AIB. Goggin suffered a serious heart condition soon after his resignation but has recovered in recent months.

A career banker, he never left the Bank of Ireland stable after joining it straight from school and staying there for forty years.

A keen golfer, he will still be only 58 next year when he will continue to draw a six-figure pension from the bank.