Michael OLeary runs Europes biggest airline, Ryanair. Last year Ryanair made a profit of about €500 million. OLeary gets a salary of €768,000. Richie Boucher runs a tiny European bank, Bank of Ireland, last year it made a loss of €2 billion, yet Boucher gets a salary of €843,000.
Given the damage Bank of Ireland have done to our country, its little surprise the level of public outrage over this salary. However, we have been here before. Media and public outrage typically lasts for 24-48 hours, the fuss dies down and nothing changes. We wait for the Bank of Ireland AGM next year and the same process is repeated. Over and over again, nothing changes.
Its now clear that its time for us as citizens to stand up and force change. We can do this by moving money out of Bank of Ireland. This will hit them where it hurts, and they will change how the act when we take action. We will do this on 15th of May.
This is a simple process and we can use the Central Bank guidelines against Bank of Ireland. There are 4 steps to move your account.
1. Pick a new bank - Go there and get a "switching form"
2. Pick a switching date (15th May)
3. Complete the switching form
All of your direct debits will be automatically moved.
Some people will tell you moving to a new bank in pointless as they are all the same. Yes, they are all the same, but we can keep moving from bank to bank to force them to change.
There is more information on the National Consumer Agency website.
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