Wednesday 20 September 2017

Pay cap for top bankers may not apply to the new CEO of Bank of Ireland - Noonan

Donal O'Donovan

Donal O'Donovan

The half million a year pay cap for top bankers may not apply to the new CEO of Bank of Ireland, Michael Noonan has said.

With the hunt to find a replacement for outgoing Bank of Ireland chief Richie Boucher currently under way, Minister Noonan said that he has to been asked to lift the pay cap.

The Minister for Finance said that he might be willing to see a new candidate paid at a similar level to Mr Boucher, who's pay package predated the cap and who earned more than €800,000 last year.

The State currently owns 14pc of Bank of Ireland. Pay caps were introduced at bailed out banks after the crash and remain in place.

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