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IRISH LIFE CEO Kevin Murphy receives a remuneration package that breaches the government’s pay cap, Sinn Féin’s finance spokesperson Pearse Doherty has said.
Finance Minister Michael Noonan confirmed that the Irish Life CEO receives a “salary of €500,000 and other remuneration of €86,000” in response to a parliamentary question.
Noonan said:
The salary and benefits of the Chief Executive Officer (CEO) were fully disclosed on Page 62 of the 2011 Annual Report of Irish Life & Permanent Group Holdings plc which is available at www.permanenttsbgroup.ie. In summary the CEO of Irish Life & Permanent who has been CEO of Irish Life since it’s separation in June 2012, received a salary in 2011 of €500,000 and other remuneration of €86,000.
In response, Doherty said: “Earlier this year the government used €1.3bn of taxpayer’s money to purchase Irish Life from a company the state already owned. Today it is revealed that the CEO of Irish Life received a total pay packet of €586,000. This is in excess of the government’s own pay cap of €500,000. The question also revealed that Murphy will retire shortly on an annual pension of €305,000.
“This is totally unacceptable. In fact it is obscene. At a time when ordinary people are put to the pin of their collar, it is not acceptable that the heads of failed banks continue to receive lavish salaries and expense accounts paid for by the taxpayer,” he added.
A further parliamentary question reply estimated that the total value the pension pot of former AIB CEO Eugene Sheehy could amount to €10.5 million.
In response to a question by Doherty regarding payments to Sheehy, Noonan said:
AIB informs me that for an employee retiring at age 60 with 40 years pensionable service and an annual pension of €529,000, AIB estimates that the capital value accumulated in a fund to provide this annual figure would be approx. €10.5m.
“Despite this, the Minister for Finance has not written to any of these individuals asking them to take a voluntary pay cut. The Minister for Finance has been reviewing remuneration in Irish banks, twelve months on and no action has been taken to curb these excessive pay and expenses packages,” Doherty said.
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Not a fan of Sinn Fein but must admit that in my opinion Pearse Doherty is a talented representative. Any public representative who does their research and unveils facts like this deserves credit.
As for the salary its sickening.
Not a Sinn Fein fan but v fair point and well done on being a good representative in opposition of govt…
I’m bloody sick of the govt telling lies to the Irish electorate.. it’s about time Ireland took to riots and burning govt buildings to be heard.. nothing short if that is going to be acted upon
too long is everyone pouting the lines of moderation and let everyone listen to each others side… enough is enough
it’s high time the Irish people grew some balls and took direct physical action to rick this sham iliac giver.. it’s like being a damn sheep listening to the Irish electorate…
bloody pathetic to have to swallow this much bull..
ACTION IS NEEDED
“Not a fan of Sinn Fein” is becoming an old worn-out cliche.
NOT AS OLD AS STORIES OF THIS DAMN SHOWER AND THE LAST BUNCH OF RUNTS FEEDING OUT MONEY INTO THE SNOUTS OF RICH BANKERS MY GOOD FRIEND……..
NOT AS OLD AS STORIES OF THIS DAMN SHOWER AND THE LAST BUNCH OF RUNTS FEEDING OUR MONEY INTO THE SNOUTS OF RICH BANKERS MY GOOD FRIEND……..
To be honest i feel the honest ground swell of irish people breeding another extreme political movement in the continual vacuum left by political ineptitude as has been the case over the last few years….
I for one fully agree with egg fuel….and i dont really mind saying it any more…
An up to now moderate..!!!!!
Sean
We have no way of knowing whether you draw the Sinn Fein average industrial wage or are a genuine political novice with the contribution you have just made. For the moment let me suspend suspicion and ask you if the darlings of Sinn Fein you admire should have drawn hundreds of thousand of pounds in expenses from the British Parliament when they didn’t take their seats? Do you believe they should have use a carefully organized system to “extract” tens of thousands of Euros worth of printing ink cartridges from our Parliament in a fashion similar to either expense abuse or misappropriation? All of these acts included their current Leader in the Dail and you wish to admire them. Let’s not talk about murders and instructions to participate in murders.
Garry do you believe the government should refund the €1.1 million of public money they spent illegally on the referendum just past from their own party funds? Seeing as we are discussing costs to the state.
gary,
here is a novel idea for you….. why not comment on the article in question and explain to us what you think of the lack of leaership from fg/lab in dealing with this isuue. your tactic of deflecting from the issuues is really, really, really , really wearing thin
Disgraceful comment. Riots and burning buildings is not the way to go….once that type of action starts- it becomes the focus and the righteous cause gets drowned out by the condemnations and calls for rioters to be brought to justice. Such behaviour inevitably leads to ‘collateral damage’. Do we really want to destroy our architectural heritage?
That’s not to say we should do nothing in relation to the lies and disrespect this government is showing to its electorate… I agree it is time for direct action…. Street protests ( of the peaceful and non violent type ) may be one strand .. Others could be lobbying and pester power … lets use the political system.. Am I alone in thinking its time for a new political party? FG/FF (they are really one and the same) have no social conscience, Labour have sold their soul and SF really belong to the ‘looney left’ when it comes to economics and independents are too disparate to be effective.
Power corrupts and absolute power corrupts absolutely.. A new party… without the baggage of corruption, who could truly advocate for sustainable economics and more equitable society …. A noble aspiration and absolutely possible- less dramatic, headline grabbing and eye catching than burning buildings for sure but ultimately more effective… Look at the North…. In the end peace on our streets and justice in our political structures only became a reality when the rioters and the building burners chose the ballot box over the armalite.
Shane
Moderation and sitting around having a little chat at taxpayers expense has brought us HERE….
Its precisely this lack of fire that has ireland without a voice for the people…..
The irish people need to be heard and its not happening through chit chat…
Im sorry to say but this govt and any govt needs to judge the irish mood correctly and
I FOR ONE AM BLOO*Y FUMING AND HAVE SAT AND LISTENED TO FF AND NOW FG TALKING UTTER LIES.
ITS HIGH TIME SOMETHING WAS DONE ABOUT THIS FIASCO AND CLEARLY CHIT CHAT HAS FAILED US..
Ian, And what is wrong with moderation? The alternative is extremism… And where does that get us…. nazism and communism.
Read my comment… What I am saying… We need to be constructive (not destructive as suggested by the original contributor). And let’s use politics… It is the only alternative to violence that I know of.
I appreciate the worth of anger … But if not constructively managed it is extremely ruinous. Channelled and directed positively, anger can be a source of immense energy and who knows what changes could be brought about.
Burn our buildings and riot on our streets and see where that gets you… In the meantime, Is Greece any better off for all their protests but … How costly all their riots have been.. as the Neo nazism takes hold of the hearts of its people and their fragile economy teeters on the edge. Much as I know our political leaders need to be brought to task, I am proud to be Irish because we aren’t burning our buildings or rioting on our streets. Long may we hold our line
now there’s a shock,government not enforcing caps on fat cats,the mind boggles,bring back Bertie it’s like he never left
But by giving all these perks Enda Kenny gets an award on behalf of the Irish people, it really time we take to the streets to stop all this.All you had to do was read about the 10000 a month that is going into Kennys pension jail the lot and then the money might be there to help the sick and the poor, shame on all these rats.
Jail them okay BUT does their pensions continue to be paid while they are in jail
This government cuts pay to front line staff and lower public servants and gives out about having to adhere to the croke park agreement at any opportunity. They then go about lining the pockets of the people who put us in this mess. Stealth taxes and levies to pay bankers and senior public servants who write their own contracts with increments and bonuses to get them more and more.
These are the people who are in a position to look after these same politicians in retirement on fat pensions and well paid board members on these same companies. The whole thing stinks.
holy sh1t…… ?305,000 annual pension
When are the gov going to get this. Paying these type of salaries is suicide for our economy. Bailing out the banks and the continued unrealistic salaries, while they cut special needs assistants and take the bus pass off the elderly, is like trying to pay off your maxed out credit card with pennies from a jar. Flocking useless!
ryan, with all due respect , i think they do get it. the thing is they couldnt give a flying fcuk. if they deal with these parasites pay/pensions they are gonna have to deal with their own. this will have to be avoided at all costs , this would be antamount to pulling the emergency stop cord on the gravy train
I always thought bonuses were like a commission on profit?So if one presides over multimillion euro losses should one not be fined pro rata?
An excellent observation there Colm. What’s good for the goose, is good for the gander. If only the punishments for ineptitude, mirrored the rewards for competency.
Yes Gerry Sinn Féin showing us the way forward, thankfully there is one political party standing up for the ordinary people. Kevin Murphy on retirement will get a pension of 305k when the reality is without taxpayers money been pumped into the bank his pension would be nil – absolute madness
red thumbed in error, sorry. ment the opposite.
Bloody hell. At least Fianna Fail did us the courtesy of pretending they were doing nothing wrong. This government just openly break any rule they want and don’t care who knows it. They are like the Israel of Irish politics.
Why aren’t I surprised… Gombeen politics and looking after the lads lives on.
I’m still reeling over the fact government say they cannot tell banks not to increase interest rates when ECB not increasing. We own the banks & bailed them out….then they yank up our mortgage repays & reward themselves with these big salaries !
It’s sinful…….
Yea…Im not a fan of Sinn Fein or clich?s either. But young Doherty is impressive. And best of all, he is too young to have blood on his hands…not like Adams, McGuinness and the ole sea dog himself Ferris.
Another day another scam with a banker. They have become the biggest criminals in the country by far but with all of us believing that the guy next door not paying his tv license or Joe soap claiming job seekers allowance is to blame for the downfall of the country… wake the f#%k up people! Every dept we have is the banks fault, the bailout killed this country and 90% of that money went to the disasters that are the banks. Ask yourself, why do these guys get bonuses? every bank in Ireland is a toxic pit, so its not performance, its greed. The government are silenced by these banker over something, not sure what but its big. The government have defended and even looked the other way when asked to sort the pay of these crooks, even thought most of them are state owned. I sit here fuming with anger and it brings me to a tear reading this bollox, every day there is another horrible fat banker getting mind numbing bonuses and breaking caps while the same time breaking people lives and destroying families.. The time of the ‘its not on my door so i won’t worry’ attitude has to disappear, time to change and stand up for what’s left of our lives and future because its just about gone.. i will copy and save this rant because i know by the end of the week there will be another story about bankers etc..
Did you jus say the debt is the banks fault hahahah how deluded are you the bank didnt knock on your door demanding you take their money I was knocking on the banks for loan after loan and only have myself to blame Dont get me wrong they are the ones who gambled with our money and are why we needed a bailout but to day the debt is all their fault is silly
WE NEED MORE PEOPLE LIKE PEARSE DOHERTY FAIR PLAY TO HIM SINN FEIN ALL THE WAY
While I do admire pierce I don’t follow the Sinn Fein politic. I think we could do with a new political party made up of serious reformists. We could do with a peaceful revolution. Rid ourselves of the old anti British establishment and develop politics which show a modern choice instead of 3 left of centre parties giving us more of the same every time. We are voting for local people instead of national issues. It’s no surprise nothing changes.
He is right. And like some of the other commentators on here, I’ve never been a Sine Fein supporter (Labour all the way – to my horror), yet I do admire Pearse Doherty. I wish there were more within the Labour camp who had his guts and intelligence. You can’t shake the devil’s hand and say you’re only kidding.
@ Reginald do you not mean there are none in the LABOUR Party at all that could match Pearce for his hard work and cop on and having a pair to bring it out in the public domain
The pen is mightier than the sword . But all the Tipex in the world won’t go
Close to erasing this mistake.
Time for guns !
This is just pure vulgarity. They are having an absolute laugh at us .
I always liked Pearse Doherty , clever articulate, interesting ,seems to have a fairness of mind and spirit.
Unlike these Sheister banker / insurance types, who are so greedy taht they can not see who they are stepping on anymore and they couldn’t care less either.
Pierce dotherty is the biggest populist nonsense drier in the history of the state e may be right in this cause but 90% of the stuff that comes from his mouth should be picked up with a pooper scooper
Irish people have a reputation for their acceptance and forebearance. Governments know this well…they know we wont protest…they know we certainly wont riot…
Only exception was a few years ago when our OAP’s took to the streets and forced the gov. to do a uturn
Its just a pity we cannot mobilise more often and force them a bit more
This is utter contempt towards the people…a huge two fingers from the banks and our government.
Collusion is so apparent and shameless…dont think they even try to hide it anymore
Sinn Fein showing us the way forward again…….how many years expenses is that Pearse? Think of all the ink toners that would buy! Blinkered to all their own shortcomings, are they really and different than the bankers screwing the state????
Your right Gerry. But then again 3 years of the pension mentioned above would nearly cover what the government spent on the referendum whilst ignoring the McKenna judgement. 4 years of that pension would even leave some spare cash over.
gerry enough of the people are starting to cop on as to what the last and current goverments are doing they are nothing more than pension seekers they were elected by the people to run it for all the people not for the few ,
jesus christ you would swear we are back in the boom years oh no but it gets worse! http://www.rte.ie/news/2012/1113/figures-show-57-ilp-employees-earn-over-150-000.html
At least the household sham looks to be crumbling.
http://www.rte.ie/news/2012/1113/clare-co-co-household-charge.html
No matter how many times I read this article, it still informs me that some ex banker is going to get an annual pension of close to a third of a million every year. I’m confused. They failed epically, and are being rewarded for failure. What exactly would their reward be for success?.
I thought it was Liam Brady after a haircut….
And this is why bailing them out was a TOTAL moral hazard. Let them fail, let them learn their lesson.
No one but the apathetic society would pay them this much. Democracy is terrible.
There you go, blaming the Greeks again.
It might be novel to have a comment on the article…. So here goes.
Does the article not refer to a the CEO of Irish life… Which is no longer part of the bank organisation? To the best if my knowledge Irish life are making money and were not bailed out. They were bought because the bank needed to sell a profitable asset and due to the rest of the crap going on, no one wanted a euro denominated life insurance company hence the government took the action it did.
In my job as a pension advisor I deal with all the insurance companies and Irish life are among the most innovative and progressive out there. The CEO should be remunerated appropriately for managing the business successfully and taking responsibility for many thousands of jobs.
Maria.
Its in breach of the govts pay caps that THEY put in place.
It is now a state owned business, I do not think its appropriate for what is essentially a ‘state employee’ of a.bankrupt state to be paid over a half million euro per year, and topped off with a 1/3 of a million for a pension.
Call it what you like, but even a private business in severe functional difficulties would curtail its employees salaries.
Our beautiful govt only promise to do so.
I’m not sure Irish life is in financial difficulties? Yes I agree re pension, that is excessive. Salary is justified in my view and my understanding – open to correction was that the salary cap is in respect of banks.
Financial difficulties**
Predictive text
I am shocked—shocked, I tell you…
where’s the ira to kill all bankers, politicans and familys so no one can get anything
This Government started this ball rolling at the start of their term in office when they ignored their own cap in hiring their special advisors. How can they condemn others in following suit.
Irish life, maybe not, but the Irish state (its new owners) are.
have your say