As Taxpayers' Money Funds Bailouts, Banks Defy Cap to Pay off Executives
Byline: Luke Byrne
FOUR taxpayer-supported banks paid senior executives cash supplements to get around the Department of Finance salary cap, it has emerged.
AIB, Bank of Ireland, Anglo Irish Bank and Irish Life & Permanent all took part in the practice to pay off the executives who led the banks into crisis, meting out more than the [euro]500,000 salary cap introduced by Finance Minister Brian Lenihan in February 2009.
The details emerged in documents released under the Freedom of Information Act, which show that Mr Lenihan wrote to the banks last year ordering them to stop the allowances immediately.
Despite the fact that the banks owe their …
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Publication information: Article title: As Taxpayers' Money Funds Bailouts, Banks Defy Cap to Pay off Executives. Contributors: Not available. Newspaper title: The Mail on Sunday (London, England). Publication date: August 22, 2010. Page number: 2. © 2009 Solo Syndication Limited. COPYRIGHT 2010 Gale Group.
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