Bank bosses must lead by example in pay cuts
THE Government's decision to seek savings in pay across the state-backed banks will be well received in many quarters. Bankers' high pay and perks have been a perennial source of anger for much of the public since the State pumped €64bn of taxpayers' money in to bail out the reckless lenders.
Michael Noonan says pay is out of line and that cuts will be imposed to help speed banks back to profitability, and ultimately out of state hands.
The move may also have the effect of making pay cuts proposed for the public sector under the Croke Park II agreement an easier sell, if only because misery loves company.