Lenihan: Bank chiefs not likely to face salary cap

FINANCE Minister Brian Lenihan has admitted that the chief executives of banks in which the Government has a major shareholding are unlikely to be subject to the new €250,000 salary cap on public sector workers.

Mr Lenihan acknowledged yesterday that there would be a difficulty in attracting and retaining suitably qualified personnel to run the country’s main banks if a maximum salary limit of €250,000 was in place.

However, the minister said he was not personally convinced the current maximum salary of €500,000 for the banking sector is the appropriate limit and he recognised it was not an easy figure for people to accept.