AIB seeks to break pay cap with €690k for new chief

THE acting head of AIB has said the bank could consider recommending to the Government that its new chief executive be paid nearly €200,000 more than the agreed €500,000 cap on bank executives pay.

The continuation of the cap introduced in 2009 has already been questioned by financial regulator Matthew Elderfield. The Central Bank is looking at candidates for the top job in AIB.

Earlier this year, the Covered Institutions Remuneration Oversight Committee — which advised on the initial €500,000 cap — recommended a €690,000 cap in the case of AIB.