‘Pay caps hamper recruitment’ according to Central Bank deputy governor

The deputy governor of the Central Bank has warned that public sector pay restrictions and the lure of better pay at the European Central Bank are damaging its ability to retain staff.

Cyril Roux told the Banking and Payments Federation’s banking union conference limitations on what public sector staff can be paid disadvantaged the bank in its attempt to keep staff.

Mr Roux added that the combined effect of the pay restrictions and the lure of better remuneration working as part of the ECB in establishing the Single Supervisory Mechanism (SSM) could jeopardise the quality of the Central Bank’s banking supervision.