Noonan refuses to push banks on pay

Despite promises from the Government after the Mercer report that there would be imminent cuts to bankers remuneration, as yet nothing has happened.

In a response to a parliamentary question from Sinn Féin, Finance Minister Michael Noonan said he would not be putting pressure on the banks to come up with payroll savings of 6%-10%: “The cost bases of the banks must be reduced and remuneration costs must come down. While it would not be appropriate or realistic to specify a timeframe for the savings to be delivered, it is obvious that the timely delivery of such savings is critical.

“My abiding mantra in dealing with these matters has been to insist that the normal industrial relations protocols and consultation procedures need to be observed by all participants. I am anxious, therefore, that all the parties to these discussions are afforded the necessary space and time to conduct and conclude these critical negotiations.”