In addition to the multi-million euro termination payments and tax-free lump sums, the men at the center of Ireland’s banking collapse will also enjoy enormous pensions between $150,000 and $1 million a year.
These startling revelations appear in the wake of a warning from the Central Statistics Office that almost 900,000 workers, mainly in the private sector, have no pension at all.
According to the Independent, pensions experts have calculated that the cost of providing generous pensions for the likes of former Prime Minister Bertie Ahern, former secretary general of the Department of Finance David Doyle and bank bosses such as Brian Goggin will top $80m over the course of their retirement. This news comes just days after it has emerged that former AIB managing director Colm Doherty has received a payment and pension package worth $4m.
Unfortunately, it’s the ordinary workers paying for these massive pensions and rescuing the banks paying out the generous retirement packages. An ordinary worker would have to put aside $50,000 a month for the type of monster pension that is to be paid out to the likes of former regulator Patrick Neary and ex-leader Brian Cowen, says the Independent.
These details are emerging just after the 156-page Nyberg report, based on 140 individual interviews and 200,000 documents, revealed damning evidence about how the banks were run in the final years of the boom.