No Salary Cuts in Anglo Irish

[tenderloins1]

Pressed on Saturday View by Ruairi Quinn, Alan Dukes said that there had been no salary cuts in Anglo Irish and intimated that there were no plans to do so in the near future.
He cited loss of bonuses and the fact that many staff had worthless Anglo Shares as the reason.
Considering that public sector workers have to pay the 'pension levy' (even if you are not entitled a pension) in part to subsidise the bail out of the banks its a scandal.
Then of course the fact that Anglo isn't exactly doing much lending business at the minute either.

[cactusflower]

1,750 people on an average of €90,000, quoted on RTE.

[FakeViking]

That's €157 million per annum! For a bank that's loosing money hand over fist!

Seanie Fitz for Prez!

[johnfás]

When you only employ 1,500 people and your directors are earning millions, the average salary isn't particularly indicative - the median would be a more interesting figure.

Just from a very simplistic point of view, if you employ 1,500 people, pay 1490 of them 40,000 and then pay 10 of them 2 million, the average salary of the company will be 53,000 but it isn't a very representative figure.

[feargach]

And Dukes attacked the theoretical raise in pay that public servants got (and was in effect taken away shortly afterwards) on the same programme! Where he defended no pay cuts.

Funny, but I don't remember any multi-tens of billion bankruptcy caused by public servants. And Anglo Irish are no longer banking, while the public servants are working away as before.

[Furze]

Did these bank officials recently get a 5% pay rise. With deflation probaly be worth 10% by year end. They are sucking the life-blood of the nation to retain their false life styles.

[constitutionus]

well in fairness this is the financial sector, the sector i work in myself. we dont have a tradition of wage cuts here so ruarias question is kinda moot.

we just sack peoples arse's here.

so the questions should be where are the sackings and redundancies?

THEN you institute a payfreeze for who's left till you get your arse out of the problem your in.

it may be state owned but these lads signed private sector contracts so i see no reason why the axe shouldnt be flying. they did it in my place about six years ago and we were making money then so i see no reason not to do the same when your talking about a basket case that hasnt loaned any money since sept 08.

in the midst of a recession theres plenty of capable people who'll do the work so it may even be finanically better to just sack half these lads, give them the bog standard reduncancy package, and bring in new staff at a third or a quarter of the wage. that may seem cruel but thats the private sector for ya and its been done before.

[birthday]

Would it not be reasonable to expect that the lending division of Anglo would have been significantly reduced in size by now if they are no longer lending??

[wexfordman]

And Dukes attacked the theoretical raise in pay that public servants got (and was in effect taken away shortly afterwards) on the same programme! Where he defended no pay cuts.

Funny, but I don't remember any multi-tens of billion bankruptcy caused by public servants. And Anglo Irish are no longer banking, while the public servants are working away as before.

e


Was it not publicc servants working in the financial regulator, or had they been privatised ?

Agree with the pay cuts tho, ifn the business is loss making, and it is, then scost cutting has to be implemented. If they are not lending money, then what are all the staff doing now that they are not tied up lending money ? Surely cost savings can be acheived here

[grassroots]

If you look at the interim report you will see staff costs are down from 98m to 54m in the six months to end march. So bonuses &/or staff numbers have been cut. Everybody knows as well that staff have been redeployed from activities such as lending to debt collection, sometimes at greatly reduced renumneration.

I do not see that kind of cost flexibility in the public sector.