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Cap on bankers' pay is here to stay, Taoiseach insists

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David Duffy

David Duffy

David Duffy

The cap on bankers' pay will not be lifted to recruit a new chief executive for AIB, the Taoiseach said yesterday, even though he admitted government-imposed caps are a "constraint".

"The Government will always act in the interest of the Irish taxpayer,'' Mr Kenny said, on the margins of the World Economic Forum. "The Government has absolutely no intention of changing the capping level.''

Speaking at the summit on the previous day, Mr Kenny admitted the €500,000 pay cap was a constraint as the Government sought to find a replacement for AIB boss David Duffy, who has said he will leave for a new job in months. "The process is in place for a replacement for him now. You know, the wage caps are a constraint. "And obviously, coming from where we've come from, that's been a difficulty," the Taoiseach told Bloomberg TV.

Irish Independent