165 bank executives being paid over €200k

There are 43 staff at Bank of Ireland earning over €300,000 a year, figures released by the Department of Finance have confirmed.

Of those, 24 had a salary of over €400,000 as of Mar 31. That compares to four people in that wage bracket in AIB as of Dec 2011.

The figures for Bank of Ireland, released by Finance Minister Michael Noonan, show there are 193 people in the bank earning over €150,000. There are 66 whose salaries fall between €200,000-€299,999.

Sinn Féin finance spokesman Pearse Doherty pointed out that when the Dec 2011 figures for AIB and the Mar 2012 figures for Bank of Ireland are added together, 165 top executives in the two pillar banks are receiving salaries in excess of €200,000 per year with 55 earning over €300,000 per year, and 28 earning over €400,000 per year.

Mr Noonan said the Government “shares the outrage of the public” concerning the pay levels. “It must be acknowledged that without the assistance of the citizens such level of remuneration at these institutions would only be aspirational.

“There are constitutional and legal issues to be considered when dealing with these pay and pension issues but the Government will explore any avenues and options to address this issue subject to the necessary legal constraints and our obligation to protect the taxpayers’ interests in the banking sector.”

He said his department was in regular contact with the banks and David Duffy, CEO if AIB, had “taken on board the views expressed” and had imposed pay cuts.

“I am proceeding on one basis with IBRC and with the other covered banks and will act when I get the Mercer’s report at the end of the year,” Mr Noonan said.

Mr Doherty accused Mr Noonan of “adopting a Pontius Pilate approach to excessive bankers pay”. “It is my understanding that the minister has not written to the management of either bank asking for voluntary reductions in the excessive salaries of any of these 165 individuals,” he said.

He said Mr Noonan had “initiated a review 18 months ago which has not yet concluded”. He accused him of trying to hide behind it “as an excuse” for not taking action.