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Not a single proposed pay-cut for top bankers: Doherty

5 September, 2013 - by Pearse Doherty TD


Sinn Féin Finance Spokesperson Pearse Doherty TD has said the government has once again failed to reel in top bankers. Deputy Doherty made this comment after CEOs from Ulster Bank, Bank of Ireland, AIB and PTSB confirmed to him that not a single banker earning over €100,000 in any state-owned bank has taken a pay-cut in the last year.

Deputy Doherty said:

“Minister Noonan spent €120,000 of taxpayer’s money on the Mercer Report. He then committed to cut banks’ payrolls by 6-10%. In April this year under pressure from Sinn Féin An Taoiseach Enda Kenny said that he expected this to ‘include a substantial contribution from the bank leadership on pay and pensions’. None of the state-owner banks’ proposals includes any cuts to the basic salary to the top earners.

“This year the Finance Committee heard that the three state-owned banks have sent out over 10,000 letters threatening repossession. Earlier this year Minister Noonan refused to use his shares to block the €843,000 remuneration package of Bank of Ireland CEO Richie Boucher. Those two facts show how this government’s banking strategy is a failure.

“The government has failed abysmally to stand up to the banks and their arrogant leadership. There are 2,716 employees at these banks who earn packages over €100,000, over 100 of whom earn more than €300,000. Yet not one of these employees has taken a cut to their basic salary.

“This stands in stark contrast to the austerity this government inflicts to people the length and breadth of the state. Minister Noonan needs to be reminded that the people own PTSB and AIB and a 15% share in Bank of Ireland. He needs to let these banks know that a payroll cut that doesn’t hit the highest earners is unacceptable.”

ENDS

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