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17/11/2009
AIB Chief's Wage Makes 'Mockery Of Promises'
The Labour Party has said that the news of Allied Irish Bank's new appointment of a chief executive breaching the imposed salary cap makes a "mockery" of the government's promises.
It has emerged that senior AIB executive Colm Doherty, who will shortly be appointed managing director of the bank, will not be forced to take a salary cut to meet the government’s cap of €500,000 for top bankers.
It was revealed today that Mr Doherty’s annual wage is expected to at least match his current pay of €633,000.
Labour Spokesperson on Finance, Joan Burton, said the flouting of the salary cap represented "game, set and match" for the old guard in Irish banking and total capitulation on the part of Minister for Finance.
Ms Burton said: "The taxpayers who have already contributed €3.5bn towards the recapitalisation of AIB, and who are now told they face extra charges and cuts in services in the budget, are being asked to accept that it is fine for a banker to earn more than twenty times the average industrial wage.
"The appointment to the position of Executive Chairman of Mr. O’Connor, who has been a member of the Board of AIB since 2007, would make a mockery of all of the promises we have had from the Taoiseach and Minister Lenihan that they were going to deliver real regime changes in the bank."
(DW/KMcA)
It has emerged that senior AIB executive Colm Doherty, who will shortly be appointed managing director of the bank, will not be forced to take a salary cut to meet the government’s cap of €500,000 for top bankers.
It was revealed today that Mr Doherty’s annual wage is expected to at least match his current pay of €633,000.
Labour Spokesperson on Finance, Joan Burton, said the flouting of the salary cap represented "game, set and match" for the old guard in Irish banking and total capitulation on the part of Minister for Finance.
Ms Burton said: "The taxpayers who have already contributed €3.5bn towards the recapitalisation of AIB, and who are now told they face extra charges and cuts in services in the budget, are being asked to accept that it is fine for a banker to earn more than twenty times the average industrial wage.
"The appointment to the position of Executive Chairman of Mr. O’Connor, who has been a member of the Board of AIB since 2007, would make a mockery of all of the promises we have had from the Taoiseach and Minister Lenihan that they were going to deliver real regime changes in the bank."
(DW/KMcA)
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18 November 2009
AIB Chief Forced To Accept €500,000 Salary
Taoiseach Brian Cowen announced in the Dáil today that Colm Doherty has accepted his capped salary of €500,000. Mr Doherty, who is an AIB board member, has agreed to accept a paycut of €130,000 in order to comply with the government's €500,000 pay cap for bank bosses in order to become Managing Director at the troubled bank.
AIB Chief Forced To Accept €500,000 Salary
Taoiseach Brian Cowen announced in the Dáil today that Colm Doherty has accepted his capped salary of €500,000. Mr Doherty, who is an AIB board member, has agreed to accept a paycut of €130,000 in order to comply with the government's €500,000 pay cap for bank bosses in order to become Managing Director at the troubled bank.
16 January 2009
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
09 March 2010
AIB's Management Paid €3.6m
Bailed-out bank, AIB, has revealed in its annual report it paid its top management €3.6m last year, down from just over €5m the previous year. Despite being on the brink of collapse and risking the combined savings of it's customers the crippled bank managed to fork out the huge sum to its executive and non-executive directors.
AIB's Management Paid €3.6m
Bailed-out bank, AIB, has revealed in its annual report it paid its top management €3.6m last year, down from just over €5m the previous year. Despite being on the brink of collapse and risking the combined savings of it's customers the crippled bank managed to fork out the huge sum to its executive and non-executive directors.
01 May 2009
Goodbye Sheehy, As AIB Lose Top Three
Top bank, AIB has moved to change its top managment team. Despite being determined to stay for the next six years, time has already been called on the tenure of the bank's boss, Eugene Sheehy only a month after his defiant claim.
Goodbye Sheehy, As AIB Lose Top Three
Top bank, AIB has moved to change its top managment team. Despite being determined to stay for the next six years, time has already been called on the tenure of the bank's boss, Eugene Sheehy only a month after his defiant claim.
28 April 2011
'Government May Struggle' To Find Replacement, Says ESB Chief
The Government may struggle to find a replacement due to a salary cap, says ESB Chief Executive Padraig McManus. The salary cap for the Chief Executive position currently stands at €250,000, whereas bosses of failed banks are being paid up to €500,000.
'Government May Struggle' To Find Replacement, Says ESB Chief
The Government may struggle to find a replacement due to a salary cap, says ESB Chief Executive Padraig McManus. The salary cap for the Chief Executive position currently stands at €250,000, whereas bosses of failed banks are being paid up to €500,000.
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