Siobhan Creaton: €1m a year to run AIB? They'd better be worth it
Published 28/09/2011 | 05:00
AIB chairman David Hodgkinson is no doubt relying on the 'L'Oreal' defence to argue for the bank's new boss to be paid more than €500,000. The words "because he's worth it" are probably ringing in Finance Minister Michael Noonan's ears as AIB tries to persuade him to let them finally seal a deal with the man they want to run the bank.
Two former bankers, David Duffy and Brendan McDonagh, who are now working as consultants outside of Ireland, are said to be the front-runners for the bank chief's job and clearly Mr Hodgkinson believes they won't be breezing into its Ballsbridge HQ any time soon for that kind of money.
It seems like a heck of a lot of money to most people. It's twice as much as Taoiseach Enda Kenny is paid to run the country and he's not impressed with the request to raise the pay ceiling. Speaking in the Dail yesterday, the Taoiseach said it would have to be "a truly exceptional case" for the Government to sign off a bigger pay deal and that he hasn't seen any evidence of that so far.