Ian Guider: As unpalatable as it sounds, the caps on bankers’ pay have to go

There’s precious little love for our banks, with good reason, but it’s in taxpayers’ interests that the ongoing personnel-churn in the sector is halted

Francesca McDonagh, group chief executive, and Myles O’Grady, group chief financial officer of Bank of Ireland. ‘The announcement last week that O’Grady is departing to take up the same role in the privately owned Musgrave has caused quite a few ripples.’ Picture: Fergal Phillips

Who will spare a thought for Irish bankers struggling to get by on salaries of €500,000? At a time when the economy is emerging from an 18-month crisis, and workers are being hit with record rents and spiralling energy bills, the plight of bankers and the issue of their pay is very much at the bottom of most people’s lists of concerns.

But, derision aside, we actually do need to examine the impact of the ...