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

Matthew Elderfield says the pay cap is making it tough to get the best talent. Should we consider lifting it?

Image: Barry Batchelor/PA Archive

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 (138)
Keep the cap, but raise it slightly (68)

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

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About the author:

Gavan Reilly

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