Bailed-out banks’ directors paid over agreed levels

BANK directors in bailed- out institutions earned far in excess of what was recommended, figures compiled by the Irish Examiner show.

A report by the Covered Institution Remuneration Oversight Committee (CIROC) in February 2009 outlined new levels of reduced pay for bankers in exchange for the Government’s €440 billion guarantee.

But an analysis by the Irish Examiner shows 37 of 44 non-executive members on five of the banks’ boards were paid more last year than recommended in the report. It also emerged that the banks’ chief executives, whose salaries were capped at €500,000, are receiving benefits including cars and club memberships ranging from €33,000 to €66,000.