BoI boss says pay and bonus caps are now ‘out of step with reality’
Francesca McDonagh said continuance of crisis-era restrictions meant banks had to compete for staff ‘with one arm tied behind their back’
Francesca McDonagh has described crisis-era caps on bankers’ pay and bonuses as “out of step with reality” in her sharpest criticism of the restrictions to date.
In an interview with the Business Post, the Bank of Ireland chief executive said it was “wrong” for an Irish company to be asked to compete for staff with domestic and multinational rivals with “one arm tied behind their back”.
“We’re basically competing with one arm tied behind our ...