Thursday 23 November 2017

Sixty-nine bankers' pay is capped at €500,000

John Drennan

John Drennan

Sixty-nine high-rolling bankers have had their salaries capped at €500,000 by Brian Lenihan's Covered Institutions Remuneration Oversight Committee (Ciroc).

The committee was set up in the aftermath of the tax-payers' bailout of the banks last year to control the run-away salaries of executives in the failed banks.

Prior to the establishment of Ciroc, Irish top-level banking salaries outstripped those of the UK and America.

Figures given to Labour finance spokesperson Joan Burton last week reveal that, in spite of their bankruptcy, the two institutions with the highest number of executives within the scheme are the relatively small Irish Life building society and the discredited Anglo Irish Bank.

Irish Life lost over €196m in the last fiscal year but 16 employees of the small building society have now had their salaries capped at €500,000 -- indicating that they earned higher salaries before the bank bailout.

Anglo Irish Bank, which is expected to declare losses of up to €14bn, currently has 14 executives whose salaries have been capped at half a million a year.

The other institutions where executives have had their salaries capped at this figure are Irish Nationwide (12), AIB (11), Bank of Ireland (7), EBS (7) and Postbank (2).

"It is very difficult to understand why, a year and a half after the Government rescued the banks, so many executives in our zombie banks are still commanding premium salaries," said Labour's Joan Burton yesterday.

Sunday Independent

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