THE FINANCIAL REGULATOR Michael Elderfield has said that the pay cap on the banking sector is damaging Ireland’s chances of recruiting top bankers to run its banks.

He’s not the first – AIB director Michael Somers has previously suggested that the pay cap of €500,000, put in place by the last government, was making it difficult for that bank to find a new chief executive when higher wages were available elsewhere in the private sector.

Elderfield’s suggestions have been rebuffed by the government, which believes a €500,000 salary should be enough to hire someone capable of steering the banks into safe waters.

Today we’re asking: if Ireland’s banks – most of which are State-owned – are struggling to attract the best talent, should the government scrap the cap entirely?

Poll Results:

The cap should be lower than €500,000 (415)

Maintain it as it is (204)

Yes, scrap it entirely (139)

Keep the cap, but raise it slightly (68)

Yes, scrap it entirely
Keep the cap, but raise it slightly
Maintain it as it is
The cap should be lower than €500,000

Read: Financial regulator suggests scrapping bankers’ €500k pay cap >

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Poll: Should the State abolish the cap on bankers' pay?

Poll Results:

Read: Financial regulator suggests scrapping bankers’ €500k pay cap >

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.