ANGLO Irish Bank has rejected a request from Finance Minister Michael Noonan to cut the pay of its top earners.
The bailed-out institution, now called Irish Bank Resolution Corporation (IBRC), told Mr Noonan its high earners should not take a pay-cut.
Mr Noonan said IBRC, which has been bailed out by taxpayers to the tune of €29bn, had considered reductions in pay levels for individual staff in IBRC, but recommended that the reductions should not be implemented at this time.
The minister had revealed earlier this week that eight staff at the bank were earning €300,000 or more per annum with a further 16 earning between €200,000-€299,000 per annum.
The total remuneration package for its chief executive Mike Aynsley came to €866,000 last year.
It contrasts with the National Treasury Management Agency (NTMA), where 15 staff members earning over €200,000 took a 15pc pay cut in response to a request from Mr Noonan.
Mr Noonan said: "The decision not to pursue pay cuts is on the basis that staff retention is a critical issue for IBRC.
"There has been considerable reduction in staff numbers and current staff are being regularly headhunted by banks and other organisations. It is the board's view that further pay cuts would create a risk for the bank as to the retention of staff and would impact negatively on the bank's ability to deliver its mandate."