“Shocking revelations” on bankers’ pay - Doherty

Sinn Féin Finance spokesperson Pearse Doherty called for action following what he called “further shocking revelations” on bankers’ pay.

Sinn Féin Finance spokesperson Pearse Doherty called for action following what he called “further shocking revelations” on bankers’ pay.

Deputy Doherty made the comments after Minister Noonan detailed further shocking revelations on bankers pay in AIB and Bank of Ireland.

He said: “Today under questioning Minister for Finance Michael Noonan revealed that 165 top executives on Bank of Ireland and AIB are receiving salaries in excess of €200,000 per year. Fifty-five of these are earning over €300,000 per year. Twenty-eight are earning more than €400,000 per year.

“It is my understanding that the Minister has not written to the management of either bank asking for voluntary reductions in the excessive salaries of any of these 165 individuals.

“The Minister initiated a review 18 months ago which has not yet concluded. Recently he brought in Mercer Consultants to assist with the review at a cost to the taxpayer €120,000.

“In response to my questions today, the Minister expressed what can only be described as fake outrage. Despite all his bluster he is adopting a Pontius Pilate approach to excessive bankers pay.”

Deputy Doherty accused the Minister of “rying to hide behind a review as an excuse for not taking the action that everyone is demanding”.

He added: “Public and private sector workers have seen their salaries and pensions reduced significantly since the start of the crisis. The vast majority of these workers are on low to middle incomes.

“Yet the government continues to protect the excessive pay and pensions of top bankers, many of whom played leading roles in the events that caused the economic crisis in the first place.

“It is time for the Minister to act and introduce the necessary legislation to bring these excessive pay-outs to an end.”