Donohoe’s surprise parting gift to bankers via IrishTimesBiz
Outgoing Minister for Finance Paschal Donohoe's move to allow performance-related bonuses of up to €20,000 is a surprising departing gift for bankers as variable pay above that level remains subject to 89% super taxThree and a half years after receiving – and duly shelving – a report calling for an easing of Irish banker pay restrictions, Paschal Donohoe is preparing to act on a similar recommendation from a new report from his own officials – in what will be one of his last big acts as...
Donohoe, who’s on track to swap jobs with Minister for Public Expenditure Michael McGrath next month, is set to ask Cabinet colleagues on Tuesday to allow bailed-out banks to pay performance-related bonuses of up to €20,000, as well as non-salary benefits like healthcare for the first time since the onset of the financial crisis in late 2008.
He also plans to scrap any future Government say in Bank of Ireland executive pay, after selling the State’s remaining shares in the bank in September – and to lift the continuing €500,000 pay caps on AIB and Permanent TSB when taxpayer stakes in both fall to what are being described as “appropriate levels”.
The restrictions may have been commercially untenable for some time, as the banks in which taxpayers have stakes have been at a competitive disadvantage trying to attract and retain staff in a tight market for certain skills, at a time when activity in the IFSC and Dublin’s tech sector has been expanding in recent years.
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