RETAINING TOP TALENT in banking is tough, especially when someone else can offer a higher pay packet.
At least that is what some of Ireland’s top bankers have said, as the government comes under pressure to lift a €500,000 pay cap in place at State-backed lenders.
A hangover from the banking crisis, the government retains a 14% stake in Bank of Ireland and a 76% stake in Allied Irish Bank – both of which have lost senior staff in recent months.
While Finance Minister Paschal Donohoe commissioned a report on bankers pay, which could be brought to Cabinet soon, in the meantime Michael D’Arcy, the Minister for Financial Services, told The Financial Times that he believes the caps are appropriate as long as the State owns part of the banks.
Keeping this in mind, Fora is asking our readers this week: Do you think the banking salary cap should be lifted?