Bank Chief Loses Job

[DBAHO]

A bank boss who resigned after admitting he had accessed an internet site containing "adult material" on his office computer, expressed his regret on for what he described as a "silly" incident.

 

Michael Soden, 57, group chief executive of Bank of Ireland and a former National Australia Bank executive general manager, announced his immediate resignation from Ireland's oldest bank in a personal statement on Saturday.

 

"It was a case of curiosity killed the cat," he told today's issue of the Irish Times newspaper.

 

Mr Soden described his departure from the € 1.3 million ($2.23 million)-a-year job as self-inflicted.

 

"It was a silly incident. It was unfortunate and I am paying a very high price for it. I regret it enormously. It was foolish," he said.

 

"More than anything else I regret the hurt caused to my wife, the staff and the bank's shareholders," he told the newspaper.

 

"It was a one-shot event but there were policies and procedures on internet use that I had signed off on.

 

"I am a very strong believer that when you make the rules, there is not one version for the leader and one for the staff."

 

The checking of the bank's computers for inappropriate use had been outsourced.

 

Mr Soden joined Bank of Ireland, Ireland's second-biggest commercial bank, in 2001 after resigning as National Australia Bank executive general manager of business and personal financial services.

 

He took up the top job in March 2002.

 

The governor of the bank's court (board of directors), Laurence Crowley, said they would be immediately be putting in place arrangements to appoint Mr Soden's successor.