Irish Life pays top managers bumper performance bonuses
IRISH Life Investment Managers (ILIM), part of the Irish Life & Permanent Group (IL&P) kept afloat by the bank guarantee scheme, has paid some of its 130 staff "performance bonuses" in the last week.
"In common with fund management companies across the globe and in Ireland, remuneration packages at ILIM are based on salary plus incentivisation payments. This is necessary to ensure the interests of fund managers are aligned with the interests of the clients they represent," according to a spokesman. "The company has made such payments to staff to reflect the firm's continued exceptional performance in 2010."
The company declined to reveal how much had been paid out and to how many people.
IL&P has not received any state bailout money and has not made any transfers to Nama. However, the €440bn state guarantee has enabled the company to raise money on banking markets.
The issue of bonuses at financial institutions covered under the State banking guarantee has caused massive controversy. Recently it emerged Bank of Ireland had doled out more than €66m in bonuses to its staff despite telling the Government it hadn't made any payments.
ILIM is thought to be highly profitable, with more than €32bn in funds under management, according to latest figures. It has also emerged that ILIM manages part of the European Central Bank's own staff pension fund.
Sunday Indo Business