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AIB RECENTLY contacted the Minister for Finance to request paying a salary above the €500,000 cap to a new chief executive for the bank.
Replying to a Dáil question from Fianna Fáil TD Michael McGrath, Noonan said the bank had submitted a “formal proposal” to him for a base salary in excess of the capped figure.
He said that a “compelling case would have to be made for the government to consider setting aside this cap, taking account of the recent decision on the pay ceilings for CEOs of semi-states and senior public sector posts.
Noonan will consider AIB’s request in the context of “the need for social solidarity to be shown by all individuals and sectors for the good of the nationa and its recovery from the present challenging circumstances”.
The minister said that he is keen that a new CEO can be appointed to the bank shortly as part of the government’s strategy to restructure the Irish banks. He also said he is “anxious that the situation whereby the executive chairman of AIB combines both positions of chairman and CEO is resolved”.
AIB’s executive chairman David Hodgkinson told the Irish Times in May that the bank would have to offer a “market-based compensation package” to appoint an external candidate as CEO and was looking into paying above the base salary cap.
The cap was introduced by the last government and critisiced by Central Bank governor Patrick Honohan, who told the Irish Independent two years ago that banks risked missing out on the best candidates for appointments as a result of the salary limit.
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Richard Boyd Barrett supports central planning, a Soviet style system of economic organization that impoverished countless millions, that is incompatible with democracy and economic prosperity. Why does Mr Barrett think that out of the millions of economists in the world, not even a handful agree with the ‘learned analysis’, of this secondary school left wing English teacher? It irrelevant to Mr Barrett that capitalism and private enterprise has improved the standard of living of the ordinary man more than anything else; its relevant to Mr Barrett that the most capitalistic country in Latin America is the most rich, has the lowest corruption level, has the highest GDP, highest real income per capita, lowest amount living below the poverty line, lowest infant mortality rate, etc its irrelevant to Mr Barrett that Hong kong and Singapore are among the richest countries in the world with higher incomes that Sweden, Germany, France, the Uk etc etc; its irrelevant to Mr Barrett that millions have been taken out of ineffably atrocious poverty in China with the implementation of free-market capitalistic reform, its irrelevant to Mr Barrett that the poor is capitalistic countries are wealthier than the average people in state socialist countries or that obesity is more of a problem among the poor in capitalistic countries than among the rich. Barrett doesn’t care that prices don’t allocate resources in a socialist economy, that they don’t reflect supply and demand, that they don’t reflect scarcity; Barrett doesn’t care that socialism kills incentives to innovate, and for economic growth, kills the right to set up a business, and creates endless waste and dead weight loss, monumental shortfalls in total surplus; in fact he doesn’t care about facts, or the truth, he knows what he likes and doesn’t want to hear anything else; don’t little little things like the evidence or truth get in the way of his endless inarticulate regurgitation of yesterdays fallacies of central planning, soviet nostrums, erroneous assumptions and emotion-laden invective. A backbench ranter with laughable views.
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