Bonus culture in banks still prevalent, says top official

THE bonus culture in bailed-out banks may still exist, according to the top civil servant in the Department of Finance, who hit out at financial institutions for misleading him on payments.

Secretary general Kevin Cardiff said the information being provided to Government from banks is still inadequate. “I don’t know if they are providing us with what we need and in as timely a fashion as we need it,” he told the Dáil’s Public Accounts Committee.

He also played down suggestions the country could default on its debt, saying Ireland is in a far better position than Greece.