Banking Inquiry: Former chief defends €2.4m boom-time salary

The chief executive of AIB when the recession hit has said his €2.4m total annual pay package during the era was peer-reviewed and he never asked for a pay rise.

Now-retired Eugene Sheehy made the comments despite admitting the rate was “not justifiable, period”, and there was “no way you could tell anyone on the streets”.

He said he received €940,000, stressing it was “not a million” in 2006 and 2007, in addition to a €1.3m bonus.