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Pay increases at Anglo cannot be justified – Morgan

24 March, 2010


Sinn Féin Finance Spokesperson Arthur Morgan has said the proposed pay increases for employees at Anglo Irish Bank cannot be justified and should not go ahead. Deputy Morgan said this revelation is the second of its kind in the last few weeks coming after the revelation that the board of NAMA received significant pay increases just weeks after the board’s establishment.

He said it is clear that the Government values the work of the banking sector over the work of other public sector workers such as the gardaí, nurses and teachers.

Speaking today Deputy Morgan said:

“The revelation that 78 employees of Anglo Irish bank have been awarded pay increases is the second of its kind in the last few weeks. This news comes against the backdrop of a 70% pay increase for the Chairperson of the Board of NAMA and significant increases for the other Board members.

“It is clear that the Government values the work of the banking sector over the work of other public sector workers such as the gardaí, nurses and teachers.

“The pay rises that have been doled out, not just to the 78 workers in the nationalised Anglo Irish Bank, but also to the Board members of NAMA, add greater insult to injury as the corrupt banking sector that brought Ireland to its knees, is once again benefiting off the back off taxpayers.

“Only a Fianna Fáil led Government would attempt to justify these pay rises.

“Taxpayers’ money is being wasted on funding extraordinary pay rises for workers in Anglo Irish bank and the Board of NAMA. This is the Bank that the Government’s light-touch regulation allowed to be corrupted and the Board that has been set up to try and clear up the mess that Fianna Fáil and their cronies made of the banking sector in the first place.

“Since the failings of the banking sector and financial regulation were revealed in 2008, the taxpayer has been footing the bill. It was the taxpayers who bailed out the banks and who were forced to take cuts to their incomes and to their welfare.

“The Government cannot justify pay cuts for some people but incredible pay increases for others. The excuse that there has been a greater burden of responsibility put on these people is void when the additional work burden is being heaped on other front line public sector workers, such as nurses, who are stretched to capacity because of the recruitment embargo.

“These pay rises must not go ahead.” ENDS

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