Dukes: Bankers' pay must be considered in the real world of market

Former Finance Minister and former IBRC Chairman, Alan Dukes, has said bankers pay must be attractive enough in order for Irish banks to recover.

He said banks need to keep those with the necessary skills in those roles in order to get back to profitability.

Yesterday, the annual report for Bank of Ireland was published and it showed that chief executive Richie Boucher was paid €910,000 last year.

Mr Dukes said there must be a measured approach to bankers' pay in Ireland, but it must also be considered in the real-world of the market the country is operating in.

The former IBRC Chairman said banker's pay must be considered in the real world of the banking market.

He said: "We found that we were making those people attractive for banks, both here and elsewhere and they were attracted out by our higher pay.

"I very much feel that this is the kind of area where we need to be measured in our approach and where we have to realise that Governments don’t necessarily make good decisions about pay in the private sector.

"Private sector people don’t always make good decisions either, but you have to live in the real world of the market."