Bank chiefs to face pay cut, says Lenihan

SENIOR executives and directors in all six banks under the Government’s guarantee scheme will have their pay cut and a cap placed on their salaries, Finance Minister Brian Lenihan has said.

A committee exploring the issue is due to report in the next few weeks, and by March 5 at the latest.

Fine Gael has accused the Government of failing to honour its promises on reducing the pay of senior personnel of banks that the State is bailing out. The party’s enterprise spokesman, Leo Varadkar, said the Government was “bottling it” on bankers’ pay.