Dukes: IBRC chief is 'absolutely' worth €500,000 salary

The Chairman of the former Anglo Irish Bank, Alan Dukes, says its chief executive is 'absolutely' worth his €500,000 salary.

The bank, now known as IBRC, came under fire at the Oireachtas finance committee yesterday when details emerged of Mike Aynsley's package.

It includes a pension payment worth €120,000 a year and expenses of €38,000.

Dukes has denied the deal is out of sync with other banks, and says the man they have for the job is worth the price.

“He is (worth it). It’s a figure that was approved at the time and other people at other banks are in a different situation. We’re in a wind-down situation.

“I stress the point we need people who have the same capacity that there are at other banks to make sure we wind it down at least cost and maximum benefit for the taxpayer.

“That’s what the market requires us to pay.”