Business Irish

Wednesday 27 August 2014

Twenty staff at State-owned Irish Life & Permanent earned more than €200,000 last year

Donal O'Donovan

Published 14/11/2012 | 10:32

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TWENTY staff at nationalised Irish Life and Permanent (IL&P) earned salaries of more than €200,000 last year, according to figures published last night.

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The man in charge when IL&P was taken into state control Kevin Murphy was paid a salary of €500,000 with additional benefits adding €86,000 to the package.

He now heads up Irish Life, after IL&P was split up this year.

Figures released by Sinn Fein last night show that 37 employees at IL&P earned between €150,000 and €200,000 last year. A further 20 staff were paid more than €200,000, including two receiving in excess of €400,000.

Sinn Fein's Pearse Doherty obtained the figures in response to a written question to finance minister Michael Noonan.

The pay of the current top executive at mortgage lender Permanent TSB Jeremy Masding is not included in the figures. He was hired on a pay deal of €400,000 in February of this year, with the state owned bank also making a 15pc of pay contribution to his pension and relocation expenses to move from the UK of €52,000.

Permanent TSB was the country's biggest mortgage lender during the boom. It became the last of the bank's to be taken into state hands last year when it was effectively nationalised in exchange for a state investment of ?4bn that was needed to meet tough new Central Bank rules.

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