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.

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

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.

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