Finance Minister Michael Noonan has criticised pay increases for bank executives funded by the taxpayer during the financial crisis.

Earlier this week, the Bank of Ireland's AGM voted in favour of an €843,000 per annum pay packet for chief executive Richie Boucher, while Minister Noonan chose not to exercise his vote despite the government's 15 per cent share in the bank.

Last month, the Finance Minister wrote to the banks asking them to reduce salaries by up to 10 per cent. 

Minister Michael Noonan said pay increases for bank bosses are 'ridiculous' at a time public servants are being asked to take cuts: