| 17.3°C Dublin

Main points

Q Executives and management to contribute €1m of the €5m savings – €300,000 from pay and another €700,000 in productivity.

Q Chief executive Martin Nolan to take €5,000 pay cut, bringing salary to €184,000.

Q Board fees to be reduced by 20pc. Chairman Paul Mallee's stipend drops from €21,600 to €17,280.

Q Other executives will work an extra three hours per week from June 1 next, bringing the working week to 39 hours. Clerical staff will work an extra hour, or 37 hours a week.

Q Drivers and clerical staff will lose two days' annual leave.

Irish Independent