Anglo Wages Average [Euro]100k; Shock Salaries Revealed as Stress Tests Show Another [Euro]24billion Needed

Daily Mail (London), March 31, 2011 | Go to article overview
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Anglo Wages Average [Euro]100k; Shock Salaries Revealed as Stress Tests Show Another [Euro]24billion Needed


Byline: Ferghal Blaney

WAGE payments for staff at the broken Anglo Irish Bank are costing beleaguered taxpayers an average of [euro]100,000 a year - each.

The lucrative pay-packets to zombie bank employees can be revealed by the Irish Daily Mail as the country braces itself for stress tests showing the true cost of the economic collapse.

And as economists warned that the banks may need an extra [euro]24billion, the Government failed to go ahead with the expected sale of the EBS yesterday.

As much as [euro]130million of Exchequer funds was poured into toxic Anglo to cover the pay costs, amounting to [euro]100,308 for each of the 1,296 staffers.

But in a breathtaking comment made last night, a spokesman insisted the massive cost was of no concern because, 'senior people at the bank get paid more than junior Turn to Page 6

From Page One people'. Astonishingly, another [euro]108million has gone in 'other administration expenses', which rose dramatically to cover extra consultancy fees. The starting figures - released under Freedom of Information - have come to light after the Mail revealed, last Saturday, that Anglo broke its own record for the largest loss in Irish corporate history - losing [euro]17.6billion last year. Irish Small and Medium Enterprise Association chief executive Mark Fielding was outraged over the cost of Anglo wages.

He complained that payment - listed in the annual accounts for last year, to be published today - were exorbitant, especially considering ISME members had to slash wages and costs again last year. He added: 'You have to factor in secretarial staff and the likes on lower pay which actually brought down the average.' He said: 'This bank should have been shut down long ago. The money would have been better left in the taxpayers' pockets or in put into another good bank - or even in another bad bank. It has dragged on far too long.' A banking accountant told the Mail that the bulk of the [euro]100,000 per staffer is paid out in wages because the days of extravagant bonuses and premium perks, that topped up pay packets by as much as a third again, are gone.

He said: 'In the good old days, wage costs at banks would have consisted of wages and salaries and a list of extras for staff that increased as they moved higher up in the business.

'They included bonuses, pension payments, VHI, subsidised club subscriptions and company cars, as well as the regular costs like employer's PRSI and such.

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