1,065 of the country’s top bankers in AIB, Permanent TSB and IBRC are earning basic salaries of over €100,000, according to information released in the Dáil to Fianna Fáil Finance Spokesperson Michael McGrath.
Deputy McGrath stated, “The figures reveal that a total of 861 employees of AIB earn a basic salary of at least €100,000, with 57 of them earning over €200,000. 143 employees of IBRC (formerly Anglo Irish Bank and Irish Nationwide) enjoy basic salaries over €100,000. Minister Noonan also confirmed the figures for Permanent TSB. Bank of Ireland has yet to supply the information requested. It should be noted that these figures represent basic salaries only and do not take account of other elements of the remuneration package including pension contributions, subscriptions, health insurance and company car in some cases.
“Having pursued this information for the past year, I welcome the fact that the Minister has supplied the information. Given that these are all State-owned banks who owe their very existence to the State, I believe it is only proper that this information is made available to Irish citizens.
“These salary levels have been confirmed against the backdrop of thousands of ordinary bank employees facing redundancy over the coming months. Many others have already lost their jobs. Despite the substantial pay cuts that have been imposed on the public sector and in many parts of the private sector, the country’s top bankers have remained immune from the effects of our economic problems. Incredibly, there have been no reductions in basic pay across the main Irish banks despite the devastating impact they have had on the economy.
“Meanwhile, the Minister for Finance Michael Noonan continues with the charade of an executive pay review in the banks. The review of remuneration arrangements for top executives at the covered institutions commenced in April 2011. The Minister has refused point blank to give any information on the review and refuses to say when it will be completed or whether it will be published.
“I am calling on the Minister to complete the review of bankers’ pay so that we can get a handle on what would be an appropriate salary range to reflect the new banking landscape that is emerging and the economic reality in Ireland in 2012.”