Pay cap and bonus ban may be axed to lure Brexit banks

The long-standing pay cap and bonus ban for top bankers could be scrapped in a bid to entice financial firms fleeing Brexit-hit London to Ireland.

Finance Minister Paschal Donohoe said the existing pay cap policy is being monitored as part of attempts to make Ireland a more attraction destination for firms.

At the depth of the economic crash, the Government imposed a €500,000 cap on bankers’ salaries and banned bonuses due to the damage the sector had caused the country.