IDA chief defends €100k-plus salaries

The chief executive of the IDA, Barry O’Leary, has defended the salaries of high fliers at the agency.

Figures released to Roisin Shortall TD show 10 staff at the IDA earn more than €100,000 per annum.

Mr O’Leary is one of those earning and when asked to comment he said: “I would ask you to identify other businesses that bring so much business to the country. After all, this is additional benefit for Ireland, you invest in job creation and you get a massive payback.”

Mr O’Leary said: “If you look at some of the headline numbers — the companies that we attract to Ireland spend €19bn in the economy every year. They spend €7.3bn in payroll, €2.8bn in corporation tax — for every employee that is working in a multinational company, the client companies we attract, pay about €19,000 per employee.

“There are also all the indirect jobs, around 110,000. I would leave others to judge, but it is a highly competitive environment.”

According to the IDA’s 2012 annual report, Mr O’Leary last year earned €189,115. However his salary has been cut by 10% as a result of the Haddington Road Agreement to just over €170,000.

In the information provided by the IDA to Ms Shortall arising from a written Dáil question, it confirms one IDA employee earns between €150,000 and €175,000 with four earning between €150,000 and €125,000, and another five earning between €100,000 and €125,000.

Staff costs last year came to €21m made up of €19.6m in salary costs; €1m in social welfare costs; and pension costs of €371,000.

Client companies created 12,722 jobs during 2012, adding 6,570 net jobs.