Two State banks pay over €150,000 to 57 individuals


A total of 57 employees of two State-owned financial institutions, Irish Life, and Permanent TSB, earn basic annual salaries in excess of €150,000, Minister for Finance Michael Noonan has disclosed.

In a response to a Dáil question from Sinn Féin finance spokesman Pearse Doherty, Mr Noonan said some 38 employees of Irish Life receive annual salaries in excess of €150,000, with two earning more than €400,000. It was also disclosed that some 19 employees of Permanent TSB earn more than €150,000 per annum. The bank's recently appointed chief executive Jeremy Masding earns a basic salary of €400,000, while nine employees earn annual salaries of between €200,000 and €399,000.

Further €60,000

Mr Masding also gets a further €60,000 paid towards his pension scheme. He was also in receipt of vouched expenses of €52,034 to compensate for costs incurred in relocating to Ireland earlier this year.

The chief executive of Irish Life, Kevin Murphy, received a salary last year of €500,000 and “other remuneration” of €86,000. Mr Doherty said last night that Mr Murphy's pay package breached the Government's own pay cap of €500,000 and added that his question had elicited the information that Mr Murphy, who is 62, will retire on an annual pension of €305,000.

Mr Doherty described the payment levels as obscene.


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“The moneychangers and the usurers shall cry out in despair of their trade, and will offer you and the Lamb ransom to change your course. Turn your back upon them, for they know only evil; and misery is their trade among men. And they know what evil they do: for they lust after the fruits of gold, and do no labour. They grow not, yet they reap; and sow only the seeds of slavery for their own gain; and harden their hearts as does the common harlot, against all things that are right among men.”

For those with ears to hear

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