Irish Life chief is paid €586k a year

Irish Life’s chief executive is being paid €586,000 a year, breaking the Government’s own salary cap rules, while his former AIB counterpart is sitting on a €10.5m pension pot.

Figures revealed by Finance Minister Michael Noonan confirm Ireland’s banking elite are still living a Celtic Tiger lifestyle. Mr Noonan admitted he has yet to write to the officials asking for pay cuts.

In a series of parliamentary responses released last night after questioning from Sinn Féin’s Pearse Doherty, the minister confirmed that at the start of this year:

* Irish Life chief executive Kevin Murphy was receiving €500,000 a year, plus extra remuneration of €86,000, taking him past the Government’s €500,000 salary cap. It is understood Mr Murphy — who is due to retire in the coming weeks — will also receive a €305,000 annual pension.

* Ex-AIB boss Eugene Sheehy’s pension was worth up to €10.5m. This amounts to €529,000 a year.

* Permanent TSB’s new CEO Jeremy Masding was receiving €400,000 a year.

* Two people in Irish Life were receiving €400,000-plus salaries. Another nine were being paid €200,000-€399,999 a year.

* Nine Permanent TSB officials were receiving €200,000-€399,999 a year.

The figures were described by Mr Doherty, as “obscene”.

“The minister has been reviewing remuneration. But 12 months on, no action has been taken to curb these excessive pay and expenses packages.”

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