AIB and BoI salaries under scrutiny

Thursday 15 November 2012 23.40
Michael Noonan said the Govt shares the outrage of the public concerning these levels of remuneration
Michael Noonan said the Govt shares the outrage of the public concerning these levels of remuneration

Over 1,200 employees at state owned bank AIB were receiving salaries, pension payments, and allowances worth over €100,000 a year, figures released by the Department of Finance tonight reveal.

The figures also show that at the end of March, 24 employees of state supported Bank of Ireland were earning basic salaries over €400,000 a year.

These details, given in response to Sinn Féin questions, are likely to increase pressure on Government to deal with bankers pay.

A total of 84 individuals had a salary of €150,000 to €199,000, while 66 people had a salary of between €200,000 and €299,000.

Nineteen people had salaries of between €300,000 and €399,000.

The information relates to annual salaries as of 31 March 2012.

While over at state owned AIB, 134 employees were earning basic salaries between €150,000 and €200,000, 44 earned €200,000 to €300,000, eight received €300,000 to €400,000 and four earned above that level.

When pension contributions, allowances and benefits are included more than 1,100 staff are taking home between €100,000 and €200,000 every year.

Finance Minister Michael Noonan agreed the pay levels were outrageous but said that AIB has cut pay, and he denied Government was doing nothing.

The review of bankers remuneration is due by year end.

In a statement issued by AIB tonight, the bank says it "fully recognises the absolute requirement to reduce staff costs across all areas of our business in light of the levels of State support received and as we seek to return the bank to viability.

"The bank has taken, and continues to implement, changes to its pay and benefits structure within the confines of contractual obligations and in seeking agreement with our staff and Unions."

Keywords: bankers' pay