€2m fees for State-hired directors of banks


Twelve public interest directors appointed by Government to State-supported banks since 2008 have shared almost €2 million in fees, according to figures supplied by the Minister for Finance, Michael Noonan.

In response to a series of parliamentary questions from Sinn Féin finance spokesman Pearse Doherty, Mr Noonan disclosed that the chairman of IBRC (formerly Anglo Irish Bank) Alan Dukes – who also has an executive role – has been the highest paid. He was paid €102,000 in 2009; €127,000 in 2010 and €150,000 in 2011.

Annual fee

However Mr Dukes’s annual fee is much lower than the €212,500 agreed by the board in July. He has said that he wanted to take a fee of €112,500 this year, €100,000 below that set by the board.

Frank Daly, the former chair of the Revenue Commissioners who chaired the bank’s board before Mr Dukes, was paid €98,000 in 2009. He subsequently became chair of the National Assets Management Agency.

The former EU Commissioner Ray MacSharry was paid €181,000 in fees between 2009 and 2011 for being the public interest director at Irish Life and Permanent TSB. His fellow public interest director Margaret Hayes was paid fees of €205,000.

Former tánaiste Dick Spring has been a public interest director at AIB since 2009. Between 2009 and 2011 he was paid €132,000 in fees. The other public interest director, former Dublin Airport Authority chief executive Declan Collier was paid €140,000 in fees over the same period.

In the EBS building society, Anthony Spollen was paid fees of €81,000 in that three-year period with Ann Riordan receiving €82,000.

Former minister for agriculture Joe Walsh got €238,000 between 2009 and 2011 for being a public interest director at Bank of Ireland. The other, Tom Considine, was paid €259,000.


Mr Doherty also submitted questions in relation to pay levels in Irish Life and Permanent Group and at TSB.

Mr Noonan said the chief executive Kevin Murphy received total remuneration of €586,000 in 2011, which included his salary of €500,000 and other unspecified remuneration at €86,000.

Mr Doherty pointed out in a statement last night that this was in breach of the Government’s own cap of €500,000 for executive pay in banks which have availed of the State guarantee or in which the State has taken a significant stake.

Nr Noonan also revealed that 38 employees at Irish life received basic salaries in excess of €150,000, with two receiving €400,000 or more.

The chief executive of Permanent TSB Jeremy Masding, who was appointed earlier this year, was paid a basic salary of €400,000 with a further €60,000 per year being contributed to a defined contribution pension scheme.

Public directors: Summary of fees

Total for three years between 2009 and 2011

Alan Dukes, chair of IBRC (executive): €379,000

Ray MacSharry, Irish Life: €181,000

Margaret Hayes, Irish Life: €205,000

Dick Spring, AIB: €132,000

Declan Collier, AIB: €140,000

Anthony Spollen, EBS: €81,000

Ann Riordan, EBS: €82,000.

Joe Walsh, B of I: €238,000

Tom Considine, B of I: €259,000