Ireland’s plan to lift a cap on bankers’ bonuses looks ill-timed. On Tuesday, Finance Minister Paschal Donohoe said Dublin will lift a 500,000 euro crisis-era cap on annual executive salaries and allow bonuses of up to 20,000 euros for bank workers. Limits on pay were introduced after 2008 when Irish taxpayers bailed out the country’s largest lenders. However, Irish bank bosses have long argued salary constraints made it difficult to retain top talent.
Ireland's Minister for Finance and President of the Eurogroup Paschal Donohoe looks on during the Eurozone finance ministers meeting in Brussels, Belgium, November 7, 2022.
Yves Herman, Finance Minister Paschal Donohoe said Dublin will lift a 500,000 euro crisis-era cap on annual executive salaries and allow bonuses of up to 20,000 euros for bank workers. Limits on pay were introduced after 2008 when Irish taxpayers bailed out the country’s largest lenders. However, Irish bank bosses have long argued salary constraints made it difficult to retainDublin’s centre-right government may reckon it has timed the change well.
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