Call for special pay to avoid banking ‘brain drain’

Special pay scales should be set for key Central Bank staff involved in supervision and regulation “to prevent a brain drain” to banks and the private sector, an Oireachtas committee has warned.

The Public Accounts Committee (PAC) made the recommendation in its bank stabilisation report which looks at actions taken before and after the bank guarantee. As revealed by the Irish Examiner yesterday, the committee reported that €122m has so far been spent on external advisors in relation to issues connected with the banking crisis.

Furthermore, just 60 officials across three enforcement bodies are investigating individuals linked to the financial crisis.