Top bankers continue to cream it as Noonan’s year-old pay review a mere smokescreen – McGrath

Further evidence emerged this week that the country’s top banking executives continue to earn enormous salaries while the Government’s year-old executive pay review shows no sign of coming to an end, according to Fianna Fáil Finance Spokesperson Michael McGrath.

Deputy McGrath stated, “In response to a parliamentary question from my colleague Eamon Ó Cuív TD Minister Noonan this week confirmed that 24 employees of AIB are earning a basic salary in excess of €250,000. This provides further evidence that nothing has really changed when it comes to the country’s top bankers.

“AIB is a State-owned bank which has cost the Irish taxpayers €20 billion. I can see no reasonable explanation for 24 employees earning basic salaries of over a quarter of a million euro, especially at a time when the bank is planning to make 2,500 staff redundant. Ordinary staff at the bank are living in fear that their job will be gone while the top executives continue to enjoy Celtic Tiger era mercs and perks.

“The Oireachtas Finance committee was informed last October that 32 staff at the former Anglo Irish Bank – now named IBRC – enjoy basic salaries of at least €200,000. It is beyond any possible justification that a dead bank doing no new business, and which will cost taxpayers somewhere approaching €30 billion, is paying so many executives these type of salaries.

“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 have reached the conclusion that the review is nothing more than a smokescreen and allows the Minister give the appearance that something is being done.”