Noonan demands up to 10% pay cut from banks

The Government has told Irish banks to come up with plans to cut pay by between 6 per cent and 10 per cent.

12th March, 2013
Michael Noonan: without enormous cost to Irish taxpayers the banks would not have survived.

The Government has told Irish banks to come up with plans to cut pay by between 6 per cent and 10 per cent.

Minister for Finance Michael Noonan has told the banks to reduce total remuneration costs, through reductions in payroll and pension benefits, new working arrangements and structures that deliver efficiency gains.

This follows the publication today of a report by Mercer into remuneration practices and frameworks at Irish banks.

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