Rabbitte: Bankers’ pay cap to stay

Communications Minister Pat Rabbitte has ruled out removing the Government’s €500,000 pay cap on bankers’ salaries.

In an interview with RTÉ yesterday, Mr Rabbitte said he did not believe that a €500,000 salary was insufficiently high to attract appropriate candidates to senior positions in Irish banks.

Mr Rabbitte was responding to comments made by the former head of the NTMA, Michael Somers, on another RTÉ show on Saturday, in which he said that the €500,000 salary cap was a major disincentive to attracting top-quality talent to fill key positions in the Irish banks.