Arrogant bank bosses need a reality check.

IT'S good to see bankers being brought back to reality with a bang.

AIB's arrogant plan to by-pass the Government's cap on fat-cat pay backfired spectacularly. It's beyond belief that a bank, which yesterday announced it expects losses of EUR5.3billion, feels justified paying its new boss EUR633,000.

Only in the world of banking would EUR500,000 be considered a poor salary.

But it appears that bankers have learned nothing from the global financial meltdown of the last 18 months.

Despite being pelted with eggs by furious pensioners who've lost their life-savings, they still feel they should be paid 20 times more than what the average worker earns.

It's a sickening attitude when you consider the wages of ordinary workers are being squeezed to bail out these bankers.

It's also galling to hear the bank complain that they couldn't find any worthy external candidates for the post because of the measly EUR500,000 salary.

The taxpayer is expected to feel grateful that bank insider Colm Doherty has accepted the meagre half-a-million pay packet.

He'll still pull in a staggering EUR41,666 a month -which is more than most nurses or gardai earn in a year.

It also means there is no clearing out of the old guard as was promised when the Government put the nation in hock to the banks for EUR54billion.

Bankers need to get a reality check and fast - otherwise it will be more than eggs they'll be pelted with by furious taxpayers.