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Bankers' Pay

1,065 top bankers earn basic salary over €100K

Hundreds of bankers in AIB, Permanent TSB – all essentially State-owned institutions – are taking home basic salaries in excess of €100,000.

HUNDREDS OF THE country’s top-level bankers at AIB and EBS, Permanent TSB and IBRC earn salaries in excess of €100,000, according to information released in the Dáil.

In response to a question Fianna Fáil’s finance spokesperson, the Minister for Finance Michael Noonan confirmed that 1,065 top-level bankers were taking home basic salaries over €100,000.

Figures provided by Noonan show that, at AIB and EBS, 804 employees earn basic salaries of between €100,000 – €199,000; 45 employees earn between €200,000 – €299,000; and 12 employees earn more than €300,000.

At Permanent TSB a total of 52 people earn basic salaries of between €100,000 – €199,000; seven employees earn between €200,000 – €299,000; and two employees earn more than €300,000.

Finally, at IBRC, 159 employees earn basic salaries of between €100,000 – €199,000; 16 employees earn between €200,000 – €299,000; and eight employees earn more than €300,000.

The basic salaries of employees do not take into account other remuneration factors – such as pension contributions, subscriptions, health insurance or company cars.

Previous figures

The Minister also provided figures from 2008 , which showed that in 2008 at AIB 956 employees earned basic salaries of between €100,000 – €199,000; 71 employees earned between €200,000 – €299,000; and 16 employees earned more than €300,000.

At Permanent TSB in 2008, employees earned basic salaries of between €100,000 – €199,000; 71 employees earned between €200,000 – €299,000; and 16 employees earned more than €300,000.

At IBRC in 2008, 155 employees earned basic salaries of between €100,000 – €199,000; 28 employees earned between €200,000 – €299,000; and nine employees earned more than €300,000.

A spokesperson for AIB told that an internal review of pay levels was currently taking place.

Bank of Ireland has yet to supply the information requested.

NTMA review

Deputy Michael McGrath pointed out that these salary levels had been confirmed against the backdrop of thousands of ordinary bank employees facing redundancy over the coming months, while many others had 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,” he said. “Incredibly, there have been no reductions in basic pay across the main Irish banks despite the devastating impact they have had on the economy.”

The National Treasury Management Agency, on behalf of the Department of Finance, began conducting a review of pay at the banks in which the State has a stake last April.

Noonan revealed in February that he was considering bringing in “outside expertise” to examine how he can cut the salaries of senior staff.

Read: Bank of Ireland chief executive given €898,000 package last year

Read: Noonan considering ‘outside expertise’ in quest to cut bankers’ wages

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