independent

Monday 21 April 2014

Report into bank bosses' pay delayed until end of month

Mike Aynsley: IBRC boss. Photo: Tom Burke

PUBLICATION of a report into the controversial pay of up to €663,000 a year for executives at bailed-out banks has been delayed until the end of this month, the Irish Independent has learned.

The Government hired outside consultants Mercer to undertake a review of pay at all levels in the bailed-out banks.

The review, which looked at pay scales at all levels in the so-called "covered banks" that benefit from explicit state support, including AIB, Bank of Ireland and IBRC (the former Anglo Irish Bank), is now complete .

A final draft report is now being prepared by officials at the Department of Finance in conjunction with Mercer, and the main findings are due to be published at the end of this month.

The official €500,000 cap on annual pay for top bankers is currently widely breached, mainly because individual contracts predate the cap.

The CEO of IBRC, Mike Aynsley, receives €663,000 per year from the State, in a mix of salary, allowances and pension.

The timing of the Mercer review was driven in part because senior figures in the banking industry had complained to the Government that salary caps were barriers to hiring talent.

But any easing of the current pay cap will provoke an angry public reaction among taxpayers still carrying the €64bn tab for reckless lenders.

Irish Independent

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