“The news this morning that a former AIB bank executive received €3m remuneration in 2010 will be greeted by anger, frustration and disbelief by the Irish public.  I share these feelings,” said Deputy Brian Lenihan.

“The public interest directors of AIB lobbied for the appointment of this individual but as Minister for Finance I was successful in imposing a limit on banker salaries.  I ensured that a pay reduction applied to this individual upon his appointment as Managing Director of AIB.

“The other entitlements, including pension entitlements, were pre-existing contractual obligations and had the same legal standing for the last government as they do for Minister Michael Noonan and his colleagues.”