State warned about €500k pay cap at AIB by board members it appointed

Ann O'Brien and Raj Singh, who were both appointed to bank’s board by the finance minister, said they had ‘concerns’ over crash-era pay restrictions

Colin Hunt, AIB’s chief executive (left), and Jim Pettigrew, its chairman (right). The lender wants the state to ease the rules around bankers’ pay. Picture: Coalesce

Government-appointed board members at AIB have warned the Department of Finance about the problems caused by the €500,000 pay cap.

Ann O'Brien and Raj Singh, both of whom were appointed non-executive directors at AIB by the finance minister, have added their voices to those raising concern about pay restrictions imposed in 2009 as part of the nationalisation of Ireland’s main banks.

The pair, who have been on AIB’s board since 2019, wrote to Michael McGrath, ...