Bankers’ pay cap ‘may have to go’
Speaking after addressing the European Insurance Forum at Dublin’s RDS yesterday, Matthew Elderfield remarked that the banks will “probably need to pay bankers more” than the €500,000 basic salary cap introduced by former Finance Minister, Brian Lenihan, if they want to attract overseas management candidates, or as he put it, “outside talent”.
Earlier, Mr Elderfield told the forum that while the insurance sector is “an important and thriving part of the financial services sector in Ireland” and “one of the clear financial success stories here, in spite of the crisis”, regulation of the industry is to be tightened.
