Six IBRC employees remuneration package exceeds €500,000

Thursday 08 November 2012 08.57
Controversial packages include salary, pension payments, allowances and benefits
Controversial packages include salary, pension payments, allowances and benefits

Six employees of Irish Bank Resolution Corporation, formerly known as Anglo Irish Bank, have a total remuneration package of more €500,000 a year.

The package includes salary, pension payments, allowances and benefits.

A spokesman for the Department of Finance said that the six employees were appointed before the Government came into power.

He added that under previous guidelines, additional benefits such as pension payments were in addition to the €500,000 salary cap.

"The total compensation packages, which include base pay, pension entitlements and all other allowances, were agreed following an open and competitive process," a spokesman for IBRC said.

''The process was to attract five of those senior executives concerned to join the bank post nationalisation and for one existing executive to fill the role as head of the Bank's UK operation,'' he added.

He said this process followed the departure of all of the previous executive management team of Anglo Irish Bank.

The IBRC spokesman added, the salary scales were in accordance with the guidelines set by the Covered Institutions Remuneration Oversight Committee and were approved by the Minister and Department of Finance.