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'He's worth it' - Dukes on IBRC chief's €500,000+ salary

Mike Aynsley, the chief executive of the Irish Banking Resolution Corporation, was criticised by members of an Oireachtas committee yesterday for his salary.

Image: Laura Hutton/Photocall Ireland

THE CHIEF EXECUTIVE of the Irish Banking Resolution Corporation has had his salary defended by his colleague, IBRC chairman Alan Dukes.

It emerged yesterday at the Oireachtas committee on Finance, Public Expenditure and Reform, that Mike Aynsley has a base salary of €500,000, an allowance of €38,000 and a pension of €125,000. He was asked by Sinn Féin’s Pearse Doherty if thought it was appropriate “at a time when the country is bust that the State would pay out that type of money?”.

Yesterday, Dukes said that the IBRC need to be sure they have people who are capable of doing the kind of job they need to do, and they have to pay the market rate. Today, speaking to Newstalk he said that Aynsley was recruited at a salary of €500,000 which was the level approved at the time three years ago.

When asked is Aynsley worth it, he said: “In fact yes, and that was the kind of money we had to pay at that time to attract in a person who could do the job.”

Today, the CEO of Bank of Ireland, Richie Boucher, was questioned by the same Oireachtas committee and was also asked about his salary, which is in excess of €600,000 a year. He said that his remuneration is put to the shareholders of the bank who approved the amount that he was to be paid.

Dukes also said that while there had been talk that the IBRC could take tracker mortgages off other banks, these discussions haven’t come to any conclusion. “It’s a difficult enough process to imagine,” he told Newstalk.

Read: Final cost of IBRC is to be €25 billion>

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