IBRC pay rates 'unacceptable'
Tánaiste Eamon Gilmore has said it is not acceptable that six executives at the former Anglo Irish Bank are earning over €500,000 a year.
Minister for Finance Michael Noonan yesterday confirmed six executives at Irish Bank Resolution Corporation (IBRC), including chief executive Mike Aynsley, are receiving annual pay packages of more than €500,000.
There are 12 staff at IBRC in receipt of remuneration packages of €300,000-€399,000, 24 on €200,000-€299,000 and 44 on €150,000- €199,000. The packages include salaries, pensions benefits and allowances. Some 146 IBRC staff earn €100,000-€149,000, while 774 earn less than €100,000.
The figures were given to Fianna Fáil TD Michael McGrath in response to a Dáil question.
Mr Gilmore told the Dáil today Mr Noonan had told the bank, now known as the Irish Bank Resolution Corporation (IBRC), in April that the salaries should be reduced. "That is why the Minister has undertaken a full review of those salaries being paid," he added.
Mr Gilmore said the salary scales were not acceptable to the Government and to the people who had to suffer the consequences of what the banks had done.
The Tánaiste said it was not acceptable that the former executives of banks, which had to be bailed out with taxpayers’ money, should be receiving substantial pensions. Mr Gilmore assured the House that the issue would be dealt with.
The Government had inherited a particular problem, which was that Fianna Fáil had approved contracts for those people.
“We have to find a way of addressing that issue," he added.
Sinn Féin deputy leader Mary Lou McDonald said there was public outrage because the very ones who had brought the State to its knees continued to draw exorbitant pay and pensions.
Richard Boyd Barrett of People Before Profit said those involved were a “golden circle insulated from the impact of austerity".
IBRC chief Mike Aynsley said last week his pay is €663,000, comprising a €500,000 salary, allowances of €38,000 and a pension sum of €125,000.
The bank last night disclosed to The Irish Times the pay of the other five top managers.
Chief financial officer Jim Bradley, head of asset recoveries Tom Hunersen, head of Irish recoveries Mark Layther and head of specialised asset management Richard Woodhouse are each paid a salary of about €400,000 a year.
They receive the equivalent of 25 per cent of their salaries in an annual pension payment and €30,000 each a year in allowances. The four foreign executives have also received allowances to run homes overseas but these have run out or will end imminently, IBRC said.
Mr Woodhouse is IBRC’s representative in its litigation against Seán Quinn and family. The head of IBRC’s UK operations, Jim Brydie, is on a salary of £400,000 (€501,000).
IBRC chairman Alan Dukes last week said it had to pay market rates for skilled staff to ensure the bank was wound down at the least cost and with maximum benefit to the State.