Bank group slams call for scrapping of cap on bankers' pay

A group representing bank officials has reacted angrily to a call from the Financial Regulator for the cap on bankers' pay to be scrapped.

A group representing bank officials has reacted angrily to a call from the Financial Regulator Matthew Elderfield for the cap on bankers' pay to be scrapped.

Mr Elderfield believes it is "a barrier" to encouraging fresh talent into the banks.

He made his comments at the MacGill summer school in Glenties, Co. Donegal, yesterday evening.

Larry Broderick of the Irish Bank Officials Association has said scrapping the limit would make "no sense".