Minister: Top civil servants, bankers should take pay cuts

BANKERS and senior civil servants will have to follow the example of Government ministers by taking a pay cut, Finance Minister Brian Lenihan said last night.

In a press conference following his presentation of Budget 2009 to the Dáil, Mr Lenihan said the Government rescue scheme for banks will be published today with measures to curb bankers’ salaries and bonuses.

“A device will be in the scheme to ensure the control of remunerations within the banks. Part of the problem that has happened in the banking sector is the incentivisation of reckless lending. That will have to be dealt with by the State,” he said.