Cowen defends pay rises for staff at Anglo Irish Bank

Taoiseach Brian Cowen today defended Anglo Irish Bank chiefs regarding pay rises for almost 80 staff while the bailed-out lender prepares to reveal the biggest losses in Irish corporate history.

The now nationalised bank confirmed it has awarded salary hikes to 78 employees in both Ireland and Britain, which it insisted was for taking on extra responsibilities as part of the down-sizing of the institution.