Mick Clifford: Donohoe determines that the cap no longer fits

Move to restore bankers' bonuses of up to €20k seems ill-timed as the country struggles with a cost-of-living crisis

Paschal Donohoe is accepting a recommendation from the Department of Finance’s retail banking review report. Picture: Damien Storan/PA

The cap on bankers' pay has its origins in the financial crash.

In September 2008, the Government announced it was introducing a bank guarantee to prevent the collapse of the financial system.