Excessive IBRC salaries unacceptable
October 31, 2012
Speaking today during a Finance Committee presentation from IBRC, Sinn Féin Finance spokesperson Pearse Doherty TD challenged the bank to justify the excessive salaries of top executives. The Committee was told that the IBRC chief executive received a salary of half a million euros, a pension of €120,000 and an annual expense account of €38,000.
Deputy Doherty said:
“Today we were informed by IBRC board director Alan Dukes that IBRC CEO received an annual salary of half a million euros, a pension of €120,000 and an annual expense account of €38,000.
“Mr Dukes was also asked to detail the number of pre-crash senior executives of Anglo Irish Bank who were still employed at IBRC in senior positions. He was not able to provide the committee with the information requested. However we do know that at this time last year there were 22 employed with 19 of these earning over €170,000 per year.
“Given the financial state of the country and the billions of euros of taxpayers’ money that has been poured into IBRC there is simply no justification for these kinds of salaries.
“In recent weeks we have had reports from the Irish League of Credit Unions and the Society of St Vincent de Paul detailing the financial pressures on ordinary people. Hundreds of thousands of people are simply unable to make ends meet at the end of every week. They are also increasingly fearful that the forthcoming budget will make life much harder.
“In this climate there is simply no justification for the kind of salary being paid to the Chief Executive of IBRC. This is taxpayers’ money. The Minister for Finance urgently needs to review the remuneration packages for senior banking officials and needs to explain to the public why so much of our money continues to be paid into a dead zombie bank.
“For their part IBRC need to come clean on the number of pre-crash senior management that are still employed in the bank and the scale of remuneration they are on.”