Thursday 22 February 2018

Twenty-one bankers earn over €1m

Colm Kelpie

Colm Kelpie

TWENTY-one people working in the financial sector in Ireland earned €1m or more in 2011, new figures show.

Some 14 worked in investment banking, three in asset management and four in "other business areas", according to data from the European Banking Authority (EBA).

None were in retail banking.

Ireland came eighth highest out of 28 countries. The UK topped the list for the largest amount of high earners at 2,436. This included 1,809 in investment banking, 85 in retail banking, and 182 in asset management.

Germany had 170, France had 162 and Austria had ten. Italy has 96 while Spain had 125.

Some countries, including the Czech Republic and Estonia, had nobody earning €1m or more. Sweden had just 14, while Poland had four.

The EBA's proposed cap sets a basic €500,000 salary threshold, above which a bonus can be no higher than fixed pay, or twice fixed pay if there is shareholder approval.

Britain had opposed the cap but was outvoted by EU countries that believe it will curb excessive risk-taking.

The cap will apply to awards for performance next year and onwards.

Indo Business

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