Davy executives would not be subject to pay cap in case of takeover, BOI boss says

Bank of Ireland’s chief executive said restrictions on how much bankers can earn are anti-competitive

Davy, the stockbroking firm at the centre of a financial breach, put itself up for sale at the start of March. Picture: Rollingnews.ie

Davy executives would not be bound by the bankers’ pay cap if the embattled stockbroker is purchased by Bank of Ireland, the bank’s chief executive believes.

Francesca McDonagh said it would be “premature” to comment on whether Bank of Ireland is weighing up the purchase of Davy, after the firm put itself up for sale in early March.

She told the Oireachtas Finance Committee the sale of Davy was “at a very early stage”, but ...