Union fury over bank’s generous pensions

The Government is permitting “one rule for the rich and another for the rest” by rubber-stamping “extremely generous compensation packages” for former bosses, the country’s main banking union has claimed.

IBOA’s comments came in the wake of claims earlier this week that AIB used some of the €1.1bn it got from the State to fund the more than half a million euro former AIB chief executive Eugene Sheehy is getting each year from his pension.

Yesterday it emerged the bank had written to former senior executives, reported to include Mr Sheehy and managing director Colm Doherty, asking them to take a voluntary reduction in their pensions.