Anglo Irish Bank is reportedly planning to lay off hundreds of staff as part of a major cost-cutting programme over the coming month.

Reports this morning say the bank's 1,700 employees had an average pay packet of more than €100,000 last year, including share schemes and pension contributions.

This made Anglo staff the highest-paid in the banking sector.

The Government had to nationalise the bank in January to prevent it from going out of business and must now file a restructuring plan with the EU in November in order to comply with state aid rules.

Source: Irish Independant