Aerospace directors earned combined total of €5.1m last year, figures show

The eight directors of Royal Bank of Scotland’s former Irish-based aviation leasing business shared $6.7m (€5.1m) in salaries, bonuses and pension payments last year, figures show.

Accounts just filed by RBS Aerospace show the firm’s pre-tax profits declined by 12% from $204.3m to $179.1m in the 12 months to the end of Dec 2011.

The firm recorded the drop in pre-tax profits after revenues declined by 5.7% from $654.8m to $617.4m.

Four of the directors are Irish and are listed as chief executive, Peter Barrett, solicitor Catherine Ennis, banker, Barry Flannery and bank official, David Swan.

The number of directors during the year rose from six to eight contributing to directors’ staff costs rising from $1.8m to $2.3m.

However, the figures show aggregate bonus payments were almost more than double the directors salary costs: increasing from $3.4m to $4m last year.

The numbers employed increased from 58 to 65 and staff costs — excluding payments to directors — last year totalled $20m. Staff are based across the world and the company owns, manages or has orders for 329 commercial jet aircraft and leases planes to 65 airlines based in 24 countries.

The firm is one of the top five commercial airline lessors worldwide by scale. Earlier this year, RBS sold the firm to Japan’s second- biggest bank, Sumitomo Mitsui for over $7.3bn.

The filings show the firm’s operating profits last year declined by 10% from $466.2m to $417.4m.

Interest payments totalling $237.3m reduced profits to $179.1m — interest payments of last year compared to $299.8m in 2010.


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