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IBRC boss has €866k pay packet

IRISH Bank Resolution Corporation (IBRC) boss Mike Aynsley has defended his €866,000 pay package saying he believes it represents value for money.

Mr Aynsley's (right) basic salary was in line with the €500,000 bank executive pay cap with the rest comprising pension, benefits and allowances.

The former Anglo Irish Bank and Irish Nationwide is "well ahead of target" said Mr Aynsley.

As part of its winding-down process, the company has reduced its workforce by 880 people to 1,219 in the past 12 months.

Separately, the Finance Minister has told the Dail that a €3.1bn cash payment to IBRC, the former Anglo Irish Bank, due on March 31, will be deferred.