FORMER FINANCE MINISTER and former IBRC Chairman Alan Dukes told Newstalk’s Breakfast that bankers’ pay needs to be attractive in order to entice the right, skilled people to the job to help in the recovery of Irish banks.
His remarks come after it was revealed the chief executive of Bank of Ireland Richie Boucher received a total pay packet worth €843,000 last year – despite the bank posting a pre-tax loss of over €2.1 billion.
The sum makes him the highest paid banker in the country.
Should loss making banks be allowed pay such large sums to its executives? Do we need to keep bankers’ pay packets high so they don’t leave for higher paid positions elsewhere? Should bankers’ pay be considered in the real-world of the banking market following the Mercer Report which revealed that top bank bosses in Ireland were paid below their international counterparts?
So today we are asking, does bankers’ pay need to be high to attract the right people?