No pay cuts at Anglo despite €30bn bailout

NO pay cuts have been applied to staff at the now renamed Anglo Irish Bank in the past three years despite the €30.6 billion bill to taxpayers for its bailout.

Finance Minister Michael Noonan has confirmed that staff, including management, escaped pay cuts in 2009, 2010 and 2011.

This is despite the massive bill to taxpayers for Anglo and the fact that the public sector took pay cuts in that time, as did many private sector employees. Anglo has instead reduced its pay bill through cuts in staff numbers and the scrapping of bonus payments.