Fianna Fáil Finance Spokesperson Michael McGrath has said it is completely unjustifiable that 32 employees at Anglo Irish Bank are currently earning salaries of at least €200,000 and has called on the Minister for Finance Michael Noonan to complete the review of remuneration and severance arrangements at the guaranteed banks without further delay.
 
32 employees at Anglo Irish Bank have basic salaries of €200,000 or above, according to information released by the bank to the Oireachtas Finance Committee. Meanwhile, the Minister for Finance continues to refuse to reveal any details of a review of remuneration and severance arrangements at the guaranteed banks.
 
Deputy McGrath stated, “It is inconceivable that a bank which will cost the taxpayer up to €30 billion continues to pay 32 members of staff the same or more than the Taoiseach of the country. This is an unacceptably generous level of pay and does not reflect the new realities which the bank faces. In addition, it should be borne in mind that these are basic salaries and exclude other benefits in kind. These pay levels are outrageous and represent a slap in the face for hard-pressed taxpayers footing the bill for the reckless management of the bank in the past.
 
“In addition, Anglo retains 93 contractors in areas of specialist projects and the bank has not disclosed how many of these 93 are earning over €200,000. My understanding is that some of these contractors are exceptionally well paid.
 
“Meanwhile, a review of the pay and severance arrangements by the Minister for Finance has been ongoing for many months now. Minister Noonan continues to issue evasive replies to parliamentary questions and refuses to commit to a date for completion of the review and publication of its findings. While the review is ongoing, the Minister is refusing to answer parliamentary questions seeking specific information on pay levels at the guaranteed banks.
 
“There is enough evidence available to indicate that pay at senior levels in the banks is way out of line with the economic reality facing Ireland today. The Minister needs to stop hiding behind this review. The review needs to be published and action taken to inject some realism into pay levels for senior managers in Ireland’s banks.”