Friday 23 March 2018

Top bankers earned an average €1.4m last year

Roisin Burke

REWARDS for the creme-de-la creme of Irish bankers remain dizzyingly high – with the highest paid earning €1.4m on average last year, research from the European Banking Authority (EBA) has found.

In Ireland, 17 bankers were paid more than €1.2m each last year, with 10 investment bankers and three retail bankers earning more than €1.4m each.

However, they appear not to be executives at the main state-owned bank, some of whom are outside the paycap. A spokeswoman for Allied Irish Banks said that the bank was sure that none of the lucky 17 mega-earners worked for it.

Last night, Bank of Ireland, in which the State has a stake, could not say whether or not any of its staff were among the 17. In its last annual report, Bank of Ireland said caps on pay for its top people were a risk to its business.

The top Irish banking earners enjoyed a bonus to salary ratio of 235pc on average, with many paid up to five times their fixed salary in generous incentive pay sweeteners.

The research by the EBA surveyed finance workers across Europe who earn more than €1m a year. In the Eurozone over 3,500 bankers earned more than seven figures last year.

London's huge financial district seems to have driven up stats in Britain, with the vast majority – 2,714 – of these top bonus makers being located there, and it was home to 12 times as many high earners as any in other country.

In Europe as a whole banker pay reached an aggregate of €6.6bn. Of this €5bn was bonuses – a figure that makes up more than 10pc of the European banking industry's 2012 profits.

Irish Independent

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