Bloomberg News

Irish Life & Permanent Cut Directors’ Pay 15 Percent Last Year

April 09, 2009

Irish Life & Permanent Plc (IPM), Ireland’s biggest mortgage lender, cut the total compensation of its directors by 15 percent last year.

Executive and non-executive directors were paid 3.82 million euros ($5.06 million) in 2008, down from 4.48 million euros a year earlier, according to the Dublin-based company’s annual report, published on its on Web site today.

Denis Casey, who resigned as chief executive officer in February, was paid 31 percent less. He received 942,000 euros, down from 1.36 million in 2007. The lender didn’t pay any bonuses to directors last year.

Casey, Peter Fitzpatrick, finance director, and David Gantly, treasury unit head, resigned after the company said it had engaged in “inappropriate” deposit transactions with Anglo Irish Bank Corp last year. Irish Finance Minister Brian Lenihan said the transactions may have created a “false impression” about the strength of Anglo Irish.

Irish Life is making “good progress” on appointing a new CEO and finance director, Chairman Gillian Bowler said in the report. Bowler’s pay was cut 10 percent to 288,000 euros from 320,000 euros.

Irish Life posted a loss of 433 million euros last year on a European Embedded Value basis.

To contact the reporter on this story: Ian Guider in Dublin at iguider@bloomberg.net.

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Willy Morris at wmorris@bloomberg.net


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