THE BOSS of basketcase bank Anglo Irish has received a hefty pay rise.
Alan Dukes, the chairman of the State-owned white elephant, benefitted when pay for the job increased to €250,000.
And the Department of Finance confirmed that Finance Minister Brian Lenihan personally sanctioned the €32k increase.
Independent Senator Shane Ross today described the hefty pay rises awarded to Anglo Irish Bank as “staggering”.
He added that it was “absolutely mad” for non-executive directors to receive the equivalent of €4,800 a week.
Taxpayers have now pumped €24bn into Anglo Irish when many politicians and experts say it should have been allowed go bust.
Now it's revealed that the former chairman of bailed-out Anglo Irish Bank received an additional 14.6pc boost to his fees last year, sanctioned by the Minister for Finance
The bonus has now passed on to current chairman Alan Dukes who is enjoying the benefits after he took over from Donal O’Connor in the position of chairman in June.
“I think it's absolutely staggering to think that anyone had the brass neck to sanction this,” Senator Ross added.
“The whole structure is wrong and it shows that we are creeping back towards the old style pay for bankers.”
The overall salary for the chief executive, Mike Aynsley, was capped at €500,000 as the bank took part in the Government's credit guarantee scheme.
However, the chairman, Donal O'Connor, saw his fee jump from €218,000 to €250,000, a 14.6pc increase.
Sean Fitzpatrick resigned from the role of chairman in December 2008.
Meanwhile non-executive directors' fees were increased from €44,000 to €73,000, according to new documents uncovered.
A representative for the Department of Finance confirmed that the Minister gave the thumbs up for the boost.
“The Minister did sanction higher fees in light of the additional workload,” the spokeswoman confirmed.
“At the time, there was no management structure in place. It was felt that because there was no executive director, it was recommended that the other non-executive directors should receive an increase.”
The government representative added that now that there is a management structure in place, the level of fees would “have to be reviewed”.
However, they could not confirm a schedule for when this evaluation would take place.