Friday 24 November 2017

Former ESB man Byrne to plug into top AIB job

Bernard Byrne
Bernard Byrne

Gordon Deegan and Donal O'Donovan

FORMER ESB executive turned banker Bernard Byrne has been selected to take over as AIB's chief executive officer from outgoing bank boss David Duffy, it is understood.

The bank's current head of retail and business banking, Bernard Byrne, is a former finance director at the State energy company ESB. He joined AIB in 2010 and took over as President of the Banking and Payments Federation Ireland (BPFI) earlier this year, when outgoing AIB chief executive Mr Duffy stepped down.

The bank and the department of finance declined to comment on the appointment, which is not yet official and is subject to European Central Bank approval, after Bloomberg reported the news yesterday.


Mr Byrne has been tipped as the favourite to take the top job at the bank since January when Mr Duffy confirmed he was leaving. The role will involve leading its return to private ownership over the coming years.

Under rules introduced by the current Coalition Government Mr Byrne will be paid a maximum of €500,000 a year and is not entitled to bonuses.

Mr Duffy is tipped to earn around double that when he moves to Clydesdale Bank in the UK later this year.

New figures show that the number of high fliers at AIB with pay packages including annual salary, allowances and pension contributions in excess of €100,000 totalled almost 1,100 at the end of last year.

Numbers provided by AIB to the Minister for Finance Michael Noonan show that 1,092 staff had remuneration of over €100,000 in 2014 - more than 9pc of the 11,047 strong workforce.

Nine staff were paid more than €400,000, 13 staff received between €300,000 and €400,000 with another 77 on pay of between €200,000 and €300,000 a year.

The figures released to Fianna Fáil Finance spokesman, Michael McGrath TD in response to Dáil questions show that an additional 993 AIB staff were on remuneration between €100,000 and €200,000.

The numbers of staff on a basic salary of over €100,000 is significantly lower with 597 in that bracket, including seven on salaries over €400,000.

Total numbers employed by AIB were 11,047 in December 2014.

Separate figures for Permanent tsb show that 160 staff there were on pay packages of over €100,000 at the end of last year, with two on over €400,000.

Commenting on the AIB figures, General Secretary of IBOA The Finance Union, Larry Broderick said: "The overwhelming majority of employees in AIB earn less than half of the amounts quoted and a substantial number earn less than one third of the figure."

Irish Independent

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