McGrath faces talks with officials early next year on AIB pay caps via IrishTimesBiz
Paschal Donohoe could have left the unpopular proposals for Michael McGrath, with whom he swapped jobs last weekend, to deal with. Photograph: Alan BetsonA Department of Finance banking report recommendation last month, adopted by then minister for finance Paschal Donohoe, that a €500,000 executive pay cap be removed at Bank of Ireland after it returned to private hands, wasn’t as clear cut as it seemed.
Documents released to The Irish Times this week show there was a lot of hand-wringing among officials before they landed on the proposal – with good reason, as they knew Opposition politicians wouldn’t waste time decrying “fat cat bankers” as households grapple with a cost-of-living crisis. In the end, the review team decided to make the call on BoI pay. It recommended a return of bonuses of up to €20,000 and certain benefits across the State’s three surviving bailed-out banks, also including AIB and Permanent TSB . The proposals, unpopular as they are with many, were brought by Donohoe to Cabinet colleagues – even though he could easily have left them for Michael McGrath, with whom he swapped jobs last weekend, to deal with.
The department’s final report was vague enough on when €500,000 pay caps across AIB and PTSB should also be done away with – proposing merely that they should occur when State shareholdings in each fall to an unspecified “appropriate level”. The State continues to own 57 per cent of AIB and 62.4 per cent of PTSB.
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