The boss of the Republic's state-owned Anglo Irish Bank, Alan Dukes, has revealed that he took a €100,000 (£81,800) pay cut.
The former Fine Gael leader insisted on taking a salary of €150,000 (£122,700) a year instead of the €250,000 (£204,500) authorised by the Republic's Finance Minister Brian Lenihan.
“I didn't take the full amount. It was in recognition of what other people were doing at the time. It just seemed to me to be the appropriate thing to do,” Mr Dukes said.
Mr Lenihan authorised salary increases for several senior staff at Anglo, which is now costing the taxpayer more than €24bn (£19.6bn).
Chairman Donal O'Connor saw his fee jump from €218,000 (£178,300) to €250,000 (£204,500), a 14.6% increase, and it was this salary to which Mr Dukes was entitled when he took over as chairman.
The salary increases were approved last year on the basis of an “increased workload” facing the chairman and non-executive directors at the bank.
Up to 70 workers got pay increases for taking on extra responsibilities caused by staff cuts. This was at a time when Anglo was preparing to announce bad loan losses of €14bn (£11.4bn).
Mr Dukes was appointed to the board of Anglo in 2008 by Mr Lenihan. He was announced as its chairman in March of this year.