Kenny open to lifting bankers salary cap.

[Baron von Biffo]

I wouldn't be surprised if at some time in the future it emerged that some senior people in the banks had secret contract clauses for bonuses and extras throughout the token cap period.

DriveTime reported earlier that Richie Boucher was paid over €800k last year. His 'package' included a lump sum for not retiring, a substantial wodge to his pension, a car allowance and other benefit in kind.

[PaddyJoe]

DriveTime reported earlier that Richie Boucher was paid over €800k last year. His 'package' included a lump sum for not retiring, a substantial wodge to his pension, a car allowance and other benefit in kind.

A certain former Finance Minister is completely to blame, of course

A spokesperson for the bank said the arrangement had been agreed with the former Minister for Finance Brian Lenihan.
The spokesperson said Mr Boucher's core salary was €500,000, which was within the Government's salary cap. He was paid a further €123,000 as pension cash allowance for waiving his right to retire at the age of 55, the spokesperson said.

http://www.rte.ie/news/2012/0315/boi-business.html

[Baron von Biffo]

On SixOne now.

[Baron von Biffo]

A certain former Finance Minister is completely to blame, of course

http://www.rte.ie/news/2012/0315/boi-business.html

Dead Lenny is more valuable to FG than any of their own living TDs.

[PaddyJoe]

Par for the course. BOI have been allowed to run rings around the government since 2009:
March 2011:

An investigation by the Department of Finance into bonuses paid to executives at Bank of Ireland has found that the bank misled the State and the taxpayer.

It has emerged Bank of Ireland paid €4.3m in bonuses to staff since the introduction of the bank guarantee in 2008
Bank of Ireland is now to pay €2m by way of compensation to the Exchequer for providing "misleading" information.

Read more: http://www.breakingnews.ie/ireland/i...#ixzz1pDC3cgao

2010:

There was also last year's contretemps when it was discovered that Bank of Ireland had topped up Boucher's pension pot by €1.5m, in a move widely seen as an attempt to circumvent the Government's cap of €500,000 a year on the pay of bank bosses. This would have allowed Boucher to retire in 2014 at 55 on an annual pension of €367,000. Once again Bank of Ireland quickly backed down with Boucher agreeing to waive the top-up.

http://www.independent.ie/business/i...e-2621442.html

[TotalMayhem]

He was paid a further €123,000 as pension cash allowance for waiving his right to retire at the age of 55

I consider waiving this right too... Oh wait, at my level of systemic importancde I don't enjoy this privilige.

[Baron von Biffo]

Boucher's salary 'jars' with Howlin. Well that's all right then.

http://www.breakingnews.ie/ireland/h...ry-543762.html

[Dr. FIVE]

Michael Noonan clears way for bank bosses to get bonuses

http://www.independent.ie/business/i...s-3068637.html

[TotalMayhem]

Michael Noonan clears way for bank bosses to get bonuses

http://www.independent.ie/business/i...s-3068637.html

If you want to know why FF was voted out of power, it's all the last paragraph...

The Fianna Fail government at one point considered plans to introduce a 90pc 'bankers bonus' tax when it appeared that AIB would have to push ahead with a €40m bonus payment that was ultimately blocked by the late Finance Minister Brian Lenihan.

[Baron von Biffo]

Michael Noonan clears way for bank bosses to get bonuses

http://www.independent.ie/business/i...s-3068637.html

Don't be too shocked if it emerges in a few years that some bankers had back-dated bonuses for work done during the bonus embargo.

[TotalMayhem]

Shocked? I'd be surprised if they hadn't!

[TotalMayhem]

This dude really takes the biscuit:

IBRC chief executive Mike Aynsley got a total package of €866,000 last year. His bank's annual report shows its 10 top managers, including Mr Aynsley, shared "salaries and short term benefits" of €6m in 2011 -- implying average payments of well over €500,000.

And they have the nerve calling it a "bank"...

[Baron von Biffo]

[/QUOTE]

With thanks to DCon for the link.

[Baron von Biffo]

The government has hired benchmarking consultants to look at bankers salaries.

http://www.independent.ie/business/i...e-3263880.html

Interestingly, both Brendan Howlin and Brian Hayes hastily rejected recent suggestions from Sean O'Rourke that pay in the public sector might be benchmarked again.

[DCon]

The government has hired benchmarking consultants to look at bankers salaries.

http://www.independent.ie/business/i...e-3263880.html

Interestingly, both Brendan Howlin and Brian Hayes hastily rejected recent suggestions from Sean O'Rourke that pay in the public sector might be benchmarked again.

I would think they would also reject suggestions to benchmark politician's expenses to the private sector, or politician's salaries to European averages.