Minister’s comment on bankers’ remuneration welcome
Fine Gael Cork South Central TD, Jerry Buttimer, has today (Tuesday) called for an immediate end to the culture of excessive pay deals for bank executives.
“The pay package of €3 million to AIB’s former managing director is both revolting and appalling. The culture of excessive remuneration for bankers needs to be changed immediately. It is absurd that a senior executive should be paid this amount of money when those on lower pay in our banks have to endure pay cuts and potential job losses, as announced by AIB only last week.
“I am reassured by Minister Noonan’s comments this afternoon that such payments to banking executives in the State-funded banks will be examined in the future. It is imperative that the Government reigns in the excessive remuneration packages to top bankers in institutions that are now funded by the State.
“It is extraordinary that this package was endorsed and pushed through with the individual in question having held the position for such a short period of time. The Deputy Leader of Fianna Fáil has questions to answer regarding how, at a time of severe crisis in our banking system, a package such as this could have been allowed. This is yet another unacceptable and inappropriate legacy of Fianna Fáil’s years in office that the new Government will have to attempt to clean up.”