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Government Cap Bank Chiefs Wages

 

Updated : Mar 15, 2009

The Government have drawn a line under top bankers' massive salaries by demanding that no executive should earn more than €500,000.

Finance Minister Brian Lenihan has written to all of the banks covered by the State guarantee seeking the cap on the pay packets of their executives' wages. The country's main banks would not comment directly on the proposed salary cap last night. Allied Irish Bank and Bank of Ireland -- who will receive billions of euro from the State under the recapitalisation scheme -- confirmed they received the minister's letter. They would only say they were considering its contents.

Privately, however, the banks admit they have no choice but to comply with the Government's request.
Mr Lenihan has also demanded the complete scrapping of bonuses at the seven financial institutions covered by the Government guarantee scheme.

VeryHappyPig says at bloody last!

 

 

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