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09/03/2010
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.
Todays report revealed AIB's former Chief Executive Eugene Sheehy earned €892,000 in 2009, while Colm Doherty, who took over in early November, accepted a raise from €822,000 to €833,000 between 2008 and 2009.
AIB's former Chairman Dermot Gleeson, who retired at the end of June, took home €203,000 for his services - a decrease from €475,000 the previous year.
Sean O'Driscoll, a non-executive director of the bank who is due to retire this year, waived his fee for 2009.
Mr O'Driscoll, who is the Chief Executive of Glen Dimplex, is continuing to do the work free this year.
Compounding the bank's woes, its group annual results published last week showed an annual loss for last year of € 2,334 million.
In an outlook statement for the coming year, a spokesman for the bank said: "The outlook and environment remain extremely challenging. There are very significant matters and initiatives including NAMA, the European Union decision on restructuring and funding costs/market conditions, all of which could materially affect the Group’s
performance.
"In 2010 AIB will prioritise restructuring and restoring its businesses to underpin viability, and renewing the Group’s credibility amongst all its stakeholders."
(DW/BMcC)
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.
Todays report revealed AIB's former Chief Executive Eugene Sheehy earned €892,000 in 2009, while Colm Doherty, who took over in early November, accepted a raise from €822,000 to €833,000 between 2008 and 2009.
AIB's former Chairman Dermot Gleeson, who retired at the end of June, took home €203,000 for his services - a decrease from €475,000 the previous year.
Sean O'Driscoll, a non-executive director of the bank who is due to retire this year, waived his fee for 2009.
Mr O'Driscoll, who is the Chief Executive of Glen Dimplex, is continuing to do the work free this year.
Compounding the bank's woes, its group annual results published last week showed an annual loss for last year of € 2,334 million.
In an outlook statement for the coming year, a spokesman for the bank said: "The outlook and environment remain extremely challenging. There are very significant matters and initiatives including NAMA, the European Union decision on restructuring and funding costs/market conditions, all of which could materially affect the Group’s
performance.
"In 2010 AIB will prioritise restructuring and restoring its businesses to underpin viability, and renewing the Group’s credibility amongst all its stakeholders."
(DW/BMcC)
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