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Hundreds of AIB staff earn over €100,000

CLOSE to 1,000 staff in State-rescued AIB Group have earnings of €100,000 or more.

There were 942 AIB staff members on remuneration packages of over €100,000 at the end of last year, out of a total workforce of 12,648, AIB boss David Duffy will tell the Oireachtas Finance Committee today.

And the bank has now plugged the massive hole in its pension scheme, in contrast to most other company schemes where deficits have ballooned.

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Senior managers who were in charge when the bank came close to collapse have since retired on generous pensions.

Chief executive of the Consumers' Association of Ireland (CAI) Dermott Jewell said ordinary taxpayers would be shocked that so many senior bankers were now earning such large salaries.

The CAI said bank staff lower down the line were not so well paid.

"People will be quite shocked at these numbers. Those who take the decisions at AIB seem to be well paid. But that is not so for the rest," Mr Jewell said.

And a report by pensions consultancy LCP shows that AIB has one of the few defined benefit pension schemes in the country that is funded.

AIB was controversially allowed to move €1.1bn off its balance sheet to shore up its pension scheme two years ago.

This has meant the deficit in its defined benefit pension scheme, which amounted to €763m at the end of 2011, has now all but disappeared.

The health of the AIB pension is in contrast to situation at most other large companies and public bodies.

The combined deficits in the pension funds of publicly quoted and semi-state companies has doubled this year.


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