herald

Friday 28 November 2014

Bailed-out banks are paying staff over €150k

FOUR years after taxpayers had to bail out the banks, the bonanza is continuing for 57 staff on salaries of over €150,000.

It has emerged that two of the country's most troubled financial institutions are paying the huge basic annual salaries, despite the economic crisis.

Some 38 employees of Irish Life receive annual salaries in excess of €150,000, with two earning more than €400,000.

And it has also been disclosed that 19 employees of Permanent TSB earn more than €150,000 per annum.

The bank's recently appointed chief executive Jeremy Masding earns a basic salary of €400,000, while nine employees earn annual salaries of between €200,000 and €399,000.

Mr Masding also gets a further €60,000 paid towards his pension scheme.

He was also in receipt of vouched expenses of €52,034 to compensate for costs incurred in relocating to Ireland earlier this year.

The information was supplied to Sinn Fein's Pearse Doherty by Finance Minister Michael Noonan.

Separately, it has emerged that former AIB chief executive Eugene Sheehy's reported €500,000-a-year pension would cost €10.5m to fund his entire retirement.

Mr Noonan was asked in the Dail by Mr Doherty if he would "estimate the capital value needed by a pension fund in order to make an annual payment of €529,000 to a scheme member, as is reportedly the case with annual payments to the former chief executive officer of AIB, Mr Eugene Sheehy".

Mr Noonan replied: "AIB informs me that for an employee retiring at age 60 with 40 years pensionable service and with an annual pension of €529,000, AIB estimates that the capital value accumulated in a fund to provide this annual figure would be approximately €10.5m."

hnews@herald.ie

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