Former AIB chief Eugene Sheehy last night bowed to pressure and agreed to a pension reduction after Taoiseach Enda Kenny said the lender’s former managers had a “moral responsibility” to reduce their retirement payments over the failure of the bank.
Mr Sheehy will take a cut in his annual pension to €250,000 from between €300,000 and €325,000, he said in a statement released to The Irish Times.“I fully appreciate the ongoing difficulties facing the bank and the economy, and this is a personal decision on my part,” said the former chief, who left the bank in 2009 after it was bailed out by the State.
The Government has since pumped nearly €21 billion into AIB and almost fully nationalised it to cover losses due to the property crash.
Bless.
He’ll live with it, somehow.
Former AIB chief agrees to reduced pension of €250,000 (Simon Carswell, Irish Times)
(Sasko Lazarov/Photocall Ireland)
