TheJournal.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 9 °C Sunday 19 May, 2013

Labour TD calls for bankers’ pay and pensions to be tackled

Labour Party TD for Dublin North Brendan Ryan says the Irish public “will not stand for further cuts in education or other frontline services”.

Image: Joachim Wendler via Shutterstock

BANKERS’ PAY AND pensions must be tackled if the spread of the Budget burden is to be “in any way fair”, Labour Party TD for Dublin North Brendan Ryan has said.

Speaking in response to a Fianna Fáil Private Members Motion on the delays in the processing of third level student grant applications, Deputy Ryan said that the country would “not stand” for further cuts in education and other frontline services if the issue of bankers’ remuneration was not addressed.

“We are facing into a very difficult Budget and people are worried about further cuts and taxes. News, such as was released last week, that a new executive in the Irish Bank Resolution Corporation was due to earn an annual salary in excess of €500,000 per annum, is like a dagger to the heart of the morale of the Irish people,” Ryan said. “With salaries and pensions of executives still at exorbitant levels, the public are quite rightly seething with anger.”

Figures recently released by the Minister for Finance Michael Noonan reveal the head of the Irish Banking Resolution Corporation (IBRC), Mike Aynsley, was paid more than €600,000 in temporary allowances between 2009 and 2011.

It was also revealed last week that six current executives at the former Anglo Irish Bank earn in excess of €500,000 a year – despite the government’s cap on remuneration packages for bankers being set at half a million euro.

Meanwhile, in response to a parliamentary question by Sinn Féin’s Pearse Doherty, Noonan confirmed that CEO of Irish Life, Kevin Murphy, receives a “salary of €500,000 and other remuneration of €86,000” – a remuneration package that also breaches the government’s own pay cap.

Despite expressing understanding with the public’s sense of outrage concerning the payment packages of top banking officials, Ryan nonetheless described the motion by Fianna Fáil as “opportunistic and populist.”

“The new single awarding body for third level grants, the Student Universal Support Ireland (SUSI), has gotten off to a shaky start and the delays that have occurred are unacceptable. Minister Quinn is aware of this and has put extra resources into fixing this problem. Fianna Fáil are trying to bank cheap political capital on the back of this issue in an opportunistic and populist manner,” he said.

Read: Irish life CEO remuneration breaches government’s pay cap – Doherty>

Read: IBRC CEO paid €600,000 + in allowances over three years>

Read next:

Comments (58 Comments)

  • What about tackling TD pay then also?

    Reply
  • Will ye for God sake stop talking about these calls and just get up of your political arses and actually do it. I am fed up listening to what ye are going to do, fed up with what ye would like to see, fed up with the political pension protecting attitude ye have. Just do it…….. please!!!

    Reply
    • you and me both… that’s all they do…
      judge the mood…
      come out with statements…
      put together another committee…
      wait for a report…
      6 months later after 120,000 spent on report…
      Do interview on morning Ireland….
      sit back and wait for polls…..
      job done……

      ACTION 0%…

      TALK 100%…

      result…. annoyed electorate……

      Reply
  • Can never get my head around government TD’s calling for government to take action…

    Reply
  • here we go over paid politicians by all comparisons to other countries shifting the focus away from their noses in the trough of free money…unvouched for expenses,inflated pay and pension payments from 50 years of age…they legislate that the rest of the poulation wait till they are 65 to draw a pension…hypocrites doesnt even cover their own obscene wages and benefits in times of austherity

    Reply
    • It’s 68 now before you can claim your state pension if you were born after February 1961. 66 if you retire now, Cowen is years off that and he’s on a whooper of a pension for life. It’s a joke, but no one’s laughing.

      Reply
  • Fingers crossed. But the bankers will spout their usual sh1t that if salaries dropped then people with the right expertise won’t take the jobs. Well if so feck them cause the UK banks won’t want them or take them so let them rot and hire people without political connections who won’t be getting the usual jobs for the boys.

    Reply
  • Obama said today “wealthy must pay more tax”, imagine enda saying this!!

    Reply
  • Labour now in a last ditch effort to survive and their TDs in a panic as they are staring at the abyss but having a go at the bankers wont save them now for they have beyrayed their voters and took us for fools but were not and we will get our day

    Reply
  • i call for labour tds pay and pensions to be tackled…

    Reply
  • how is it the leader of ireland earns more then Uk learder USA leader.and every european countries leader .who gave the gov permission to take the peoples money to pay bankers and gov members .the bankers are the robbers and the gov allow it to happen .now wanting the pensioner to pay tax on a house they worked all their lives to pay off.the poor ireland .

    Reply
  • @I think alot of first time TDs be they FG or Lab are begining to realise unless they start working for the electorate who actually pays their wages,they will be single term TDs.Damn hard to give up the perks once they get the taste.

    Reply
  • Tax breaks for horse’s and let women die,shame on them .

    Reply
  • March on the 24th folks. A lot of people on other topics today suggest that there is no point protesting against austerity as the govt won’t change course or listen before they reduce your take home pay by thousands in the up coming austerity budget – they are wrong. This shower are praying that people do not protest in any number – in fact they are counting on it. Ryan’s diversionary spouting about bankers suggests that if the govt manage to reduce banking executives salaries & pensions then all of the other massive cuts to our already overburdened lives will be justifiable & acceptable when that’s simply not true. How do these idiots expect our economy to grow by taking thousands of euro out of every paye worker to pay bondholders & in turn themselves handsomely for screwing every one of us? I will be marching on the 24th as I have had enough of being robbed by the Enda and his wealthy elitist friends. Stand up or shut up – that’s the bottom line here. Make your presence felt & let Brendan & co know that this biased budget is not acceptable under any circumstance – not now – not ever.

    Reply
    • Colm 15/11/12 #

      I’ll be there on the 24th..
      Sick of all these taxes and hidden levies, just so the banks can use bailout money to put right back into their pension pot!!!!

      Reply
  • Hypocrisy at its highest.

    The government before Halloween have decided that from 2013 each and every TD, senator MEP etc will receive €497,500 a year EACH

    Notice how this is €2,500 just off of the new governments wages!

    They made sure they kept it just under the 1/2 a mill mark so as they would not be eligible for this tax.

    Absolutely scandalous!

    Anyone on over €100,000 should be taxed!

    People who work 9-5 Monday to Friday would be lucky to come out with €35,000 before taxes.

    Yet they have the cheek to tell us we have to accept these cuts, yet they are lining their own pockets and won’t suffer anything!

    http://www.change.org/petitions/supporting-the-irish-nation-step-down-from-government

    Reply
    • €35,000? i dont know anyone earning even close to that

      Reply
    • How come the Tds etc will get nearly 50000 per year next year? Can u give a ref to where this is stated?

      Reply
    • Sorry, I meant 500000.

      Reply
    • €497,500 each. For every TD, MEP & Senator.

      That sounds made up. Do you have anything to back that up?

      Reply
    • yes its in the forecast for next years government figures its rising by about 7% on this year to over 500k for every TD MEP and Senator

      Reply
    • A govt minister with 10 yrs gets the equivalent of 30k per month into their pension pot (it’s paid from current expenditure to hide the true amount, but if u wanted a private sector equal that’s what it costs) so that could easily be where the 500k is coming from

      Reply
    • @Revolting peasant

      Yes I agree. But this is the “average” Irish people make. However, the people I know who work all day every day usually come out with less than €25,000 per annum.

      @Terry turner

      Because the government decided on this figure just before Halloween and ALL agreed it didn’t need debating. And as for ref,s check Irish independent or on the journal.ie itself on approx 29-30/10/12 before our government broke for their holidays.

      @Leigh power

      As stated for terry please refer to Irish independent previous articles/ the journal.ie on approx 29-30/10/12

      @ Scrap Croke Park (which I fully agree with)

      Come 2014 Fine Gael and Labour coalition will also be entitled to an extra over €100,000 a year due to the “government” being able to claim their pensions after 2 years of service.

      Bertie ahern and the rest of them are still living off of this which the tax payers of ireland are still paying for.

      This is absolutely and ridiculously scandalous!

      http://www.change.org/petitions/supporting-the-irish-nation-step-down-from-government

      Reply
    • Catherine, I found a reference. (corrupteire). It says the cost is nearly 500k for each TD and senator. However each one does not get this amount as the total includes costs other than pay and allowances to sitting TDs and senators. I agree that the cost of government is way too high.

      Reply
  • How long is that lad a TD, Is it 2 years? Is there any real Labour TDs left?
    I’m turning in me grave

    Reply
  • Believe it when I see it,

    Reply
  • Just sending false smoke signals!

    Reply
  • Was Minister Quinn’s brother not chairman of AIB at one stage?

    Reply
  • Why don’t we march on the dail and tell the whole political elite that they are now on eighty grand with ZERO expenses and the bankers and all civil servants over eighty grand are on the same,this whole situation is shameful and out of control.we are four years into this bullsh1t and the people responsible are not taking the blame,we need to give it to them !!i read nearly every day comments like ‘we are their bosses’,here’s a shocker for you ,WE are not if WE are being subjected to cuts while all those responsible are sitting smoking cohibas laughing at us squirm!This country is not short of money ,we are flat on our a5s broke,wanna know why the susi are not paying the students?,why the hospitals are failing ?why the councils are not clearing the streets or why they did virtually no weed control this whole year?why the guards are grossly under resourced?and on and on.the answer is too many cooks have their fingers (ha)in the pot for a taste and nobody is serving the food,if we don’t subject our politicians to prolonged protests something being bent will break and the repercussions will unite the people of this land in the wrong way.lets not let that happen.

    Reply
  • Well Iets let them know that this is THEIR budget so!

    Reply
  • One thing I’m certain about is that if the TDS and ministers in this government go the full term without showing results their saleries and pensions should cease.

    Reply
  • pip 15/11/12 #

    How about a 70% tax on pensions before retirement age. Their hands are tied on trying to change anything else.

    Reply
  • We need to take action on this, and the complete double standards we observe within politics. The political elite get to retire 10+ years earlier than everyone else, on multiple unnaceptably high pensions, the like of which wouldn’t be possible for 99% of the working population. Nevermind the bankers, lead by example, and put the retirement age up to 66/67, the same as everyone else, and bring them down to a sustainable and more importantly morally correct levels. Until our law makers lead by example no-one else will follow. It is absolutely reprehensible that we have this situation with the levels of austerity being forced upon the rest of the population. Let’s have a referendum on this, and have this written into the constitution. At least people would know what they were voting for, unlike the latest referendum.

    Reply
  • Yep just wiki’d lochlann Quinn he was a director,vaguely remember him and the chairman resigning in 2002 when the us arm of aib (all first )got caught fraudulently trading.

    Reply
  • Politicians are harping on about bankers pay n pensions and rightly so but are very quiet on their own packages which are way out of line with other countries

    Reply
  • johnny 15/11/12 #

    take the perks out of political business and lets see who hangs about to contribute their civic duty!!

    Reply
  • WTF! most people use a post-it to remind themselves to do something.

    Reply
  • What the f@ck does ‘Labour TD calls for bankers pay to be tackled’ mean? Who did Ryan call? his local pizza joint?
    And what’s his definition of tackled? Been asked nicely to consider a 0.00005% pay cut?

    Reply
  • Ryan probably also suggested to his colleagues a 50cent cut across the board to start with to see how we go. But a cut is a cut so fair play.

    Reply
  • The only people, that’ll tackle the pay/perks/pensions of politicians and bankers. Are the people themselves, there’ll have to be a revolution and a caretaker government created till reforms are enacted. Just like the french did in their last revolution and maybe without the Guillotines?

    Reply
  • Political absurdity, question your self!

    Reply

Add New Comment