FSU calls on Minister to rule out lifting cap on executives pay

Issued : 30 August 2017

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General Secretary of the Financial Services Union, Larry Broderick, today described the suggestion of lifting the pay cap solely on senior bank executive salaries as ‘completely out of touch with reality’ and he urged the Minister for Finance, Paschal Donohoe, to rule out the notion.

“Any suggestion that senior executive pay caps in the banks should be lifted is delusional.  The public, along with hardworking bank staff, would be aghast at the notion.

“If there is a review of pay to take place in the sector we should look at pay right across the board, from the bottom up.  Pay should also be influenced by bank’s commitment to communities and the customers they serve-  not just profit. 

“There needs to be a relationship between senior pay and pay at lower levels in banking and in other sectors.   Some moves to bring transparency to this area are underway in the UK and those models should be look at in the Republic of Ireland.  As the Government moves to bring transparency to the gender pay gap it should also look to include this aspect of pay disparity.

“Bank workers are under significant stress due to increased workload and understaffing.  Customers of banks, particularly in rural areas, are facing bank closures or the significant withdrawal of services.  Against this reality there is no case for removing caps solely on senior executives.  The Minister for Finance should move to rule out this notion immediately.”