Top banks’ pay starts at €383 a day

More than 1,000 top bankers at three of Ireland’s four largest financial firms are earning a basic salary of more than €100,000 every year — the equivalent of €383 for a working day.

Figures supplied by Finance Minister Michael Noonan after a year of opposition queries show 1,065 senior bankers at AIB, Permanent TSB and IBRC (formerly Anglo and Irish Nationwide) are earning the mammoth wages.

The income breakdown — which does not take account of pension contributions, subscriptions, health insurance, company cars, bonuses, expenses, and other incentives — includes:

* 861 AIB staff on a basic wage of €100,000-€199,000, 45 on €200,000-€299,000, and 12 on salaries of €300,000 or more;

* 119 IBRC employees on €100,000-€199,000, 16 on €200,000-€299,000, and eight on over €300,000 or more;

* 52 Permanent TSB staff on €100,000-€199,000, seven on €200,000-€299,000, and two on €300,000 or more.

Mr Noonan said a response from Bank of Ireland was not available.

The number benefiting from the high income levels has fallen marginally compared to 2008.

However, Fianna Fáil finance spokesman Michael McGrath, who requested the information, said the details raise serious concerns over salary levels in supposedly crippled Irish banks.

These salary levels have been confirmed against the backdrop of thousands of ordinary bank employees facing redundancy over the coming months. Many have already lost their jobs.

“Despite the substantial pay cuts that have been imposed on the public sector and in many parts of the private sector, the country’s top bankers have remained immune from the effects of our economic problems,” said Mr McGrath.

“Incredibly, there have been no reductions in basic pay across the main Irish banks despite the devastating impact they have had on the economy.”

Mr McGrath said that, in light of the salary figures, Mr Noonan should immediately provide details on the progress of his executive pay review in banks.

“The review commenced in April 2011,” said Mr McGrath. “The minister has refused point blank to give any information on the review and refuses to say when it will be completed and whether it will be published.”

The Department of Finance did not respond to a request for comment on the executive pay review issue.


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