Bankers outraged at senior executive top-ups, says union
Issued : 17 May 2010
Newstalk
The Irish Bank Officials Association (IBOA) says ordinary bank workers are outraged that the State's two largest banks are still giving pension cash top-ups to senior executives.
According to reports, executives benefiting from the top-ups include AIB's managing director and three senior directors at Bank of Ireland.
They are understood to have accumulated pension pots worth more than €5 million - but are now opting to get their pension payments in 'cash allowences' to avoid a punitive rate of tax.
IBOA General Secretary Larry Broderick told Lunchtime here on Newstalk that people are appalled.
"It is going to create further outrage out there at the moment" he said.
"People are very, very annoyed...about it".
"At a time when a lot of my members are going to have to put their ultimate sacrifice on the line - which is their jobs - to see this happening is a cause of concern" he added.
