Banker Pay Cap must stay in place

Labour Finance spokesperson Joan Burton raised with the Minister for Finance today his plans to commission a report on bankers pay and bonuses as we approach the 10 year anniversary of the blanket bank guarantee.

Deputy Burton said:

“Saturday 29th September will mark the 10 year anniversary of the disastrous blanket bank guarantee that only the Labour Party opposed at the time.

“Meanwhile the Minister for Finance is under huge pressure to lift the cap on pay and bonuses for bankers. I asked him today at the Oireachtas Budgetary Oversight Committee about his plans for this.

“The Minister has commissioned a review that is expected to be completed by the end of year. Currently salaries are capped at €500,000 and bonuses are banned.

“The message the Minister must hear loud and clear is that in the middle of a housing crisis brought on by the actions of the banks, it is completely unacceptable for state owned banks to start paying out bonuses and paying salaries of more than half a million.

“For ten years Irish people have lived with the consequences of reckless bankers. We can’t afford to go back to those days again.”