<div style="z-index: 3000">
    <div style="position:absolute;z-index:1000;">
        <a href="#">Page</a>
        ...
    </div>
</div>
<img style="position:absolute" src="myimage.png" />

http://www.brenelz.com/blog/2009/02/03/squish-the-internet-explorer-z-index-bug/

IE will place any relative positioned element above an abolute positioned element with a higher z-index. The way to fix it is make the parent element of the absolute positioned element a higher z-index.

z-index bug in IE

CSS