Irish Government Balks at €2 Million Salary

The Irish government want pay cuts for bank executives, along with more credit for businesses and a stay on home repossessions before they agree to the €7bn re-capitalisation of the Allied Irish Bank and the Bank of Ireland according to the Minister for Finance, Brian Lenihan.

Lenihan admits that there is still a lot of negotiation to get through before a deal could be accomplished. A decision is due to be made tomorrow but it now looks like being Wednesday or later before any announcement is made.

Enda Kenny, leader of the Fine Gael party, said yesterday that he will be writing to Taoiseach Brian Cowen, requesting an urgent meeting so that he can look over the books of both banks before deciding whether his party should back the deal or not. He has also looked for meetings with the governor of the Central Bank and the Financial Regulator.

The pay of the high-ranking executives is a topic that has angered and frustrated much of the public. One thing that they most definitely do not want is for their taxes to end up going straight into the banker’s pockets.

According to the Irish Times, the Minister for Social and Family Affairs, Mary Hanafin has said that some of the bonuses received are “absolutely outrageous...I read of one chief executive who got €2 million in one year that is an outrageous amount of money for anyone to earn in this country.”

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