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Ex-chief executive's pay package worth €654,000

FORMER Anglo Irish Bank chief executive David Drumm received a pay package worth €654,000 in the 15 months to last December, the annual report of the bank reveals.

This was made up of €400,000 in salary, €15,000 in benefits and €239,000 in pension contributions.

On top of that he got €659,400 which was described as a deferred performance bonus.

The annual report reveals that Mr Drumm is in dispute with his former employer over the non-payment of a bonus of €669,300.

There are no fees for board membership recorded for Mr Drumm, who now lives in the US.

He resigned from the bank in December, 2008.

Former finance director Willie McAteer got directors' remuneration of €240,000. This was made up of €175,000 in salary, €19,000 in benefits and €46,00 in pension contributions.

Mr McAteer, who resigned his position in January 2009, got an additional €439,600 in a deferred performance bonus.

Former head of the bank's UK operations Declan Quilligan was paid €752,000 in the 15 months to the end of last December.

This was made up of €533,000 in salary, €5,000 in benefits and €214,000 in a pension contribution.

Mr Quilligan resigned as an executive director last September.

On March 15 this year, he left the bank and received a voluntary redundancy payment of €784,095.

He also got a payment in lieu for holidays he had not taken of €65,417 and "an actuarially calculated gross payment of €1,980,000 before tax in lieu of pension related benefits".

An after-tax sum of €915,625 from this payment is to be used to offset loans outstanding with the bank, according to the Anglo annual report.

Another €440,000 after-tax is to be placed on deposit with the bank to be used to service remaining loans he has outstanding.

Head of lending in Ireland, Pat Whelan, who resigned in February last year, ended up with €277,000 in directors' remuneration.

This was made up of €195,000 in salary, €17,000 in benefits and €65,000 put into his pension.


Mr Whelan also got a salary of €399,932 from February last year to last December. He also got other benefits of €33,784 and a pension contribution of €179,570.

When he left his job he got a voluntary redundancy payment of €635,042 and a payment for holidays of €15,385. A total of €275,194 from the payments was put on deposit to pay off loans.

Former chairman Sean FitzPatrick got directors' fees of €131,000 in the 15 months to last December.

Fellow former director Lar Bradshaw received €31,000 in directors' fees over the same period, the annual report outlines.

Both of these directors resigned in December 2008.

Also outlined in the annual report are payments to five non-executive directors who all resigned in January 2009.

Noel Harwerth and Michael Jacob got €27,000 each in directors' fees. Anne Heraty got €32,000, Gary McCann received €36,000 and Ned Sullivan received €43,000.

Former Revenue Commissioners chairman Frank Daly, who is the chairman of the National Asset Management Agency, was co-opted on to the board in December 2008, but resigned last December. He received €98,000 in directors' fees.

Current chairman of the bank Alan Dukes got €171,000 in directors' fees in the 15 months to last December.

New chief executive Mike Aynsley received total remuneration of €329,000.

Former chairman of the bank Donal O'Connor got €348,000 from his role as chairman and €171,000 as a non-executive director.

Non-executive director Maurice Keane was paid €94,000.

Irish Independent