Regulator: €500,000 cap on bankers’ pay should be removed

A CAP of €500,000 on bankers pay should be scrapped and lifted so banks can attract fresh talent and new leadership, according to Financial Regulator Matthew Elderfield.

But the regulator’s call was shot down by Junior Finance Minister Brian Hayes last night, who insisted that bankers should be able to do their jobs within current pay limits.

Mr Elderfield said financial institutions were having trouble recruiting new management because of a government imposed restriction on pay limits.