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04/02/2009
Cowen Chops Fat Cat Wages
The Taoiseach has told the Dáil that all the top bankers of recapitalised banks are to take a 25% pay cut.
Earlier this week, Mr Cowen said the Government was planning to inject €8bn of taxpayers' money into AIB and Bank of Ireland to help them through the credit crunch, but now he wants Bank leaders to be penalized for the taxpayer handout.
Bank directors' would see their fees cut by 25% if the recapitalisation plan they have been crying out for goes ahead.
Mr Cowen added that he would expect top executives to face an upper limit on remuneration that is at least 25% below what it is at the moment.
Top bank directors can command a salary healthily in the seven-figure bracket, whilst claiming much more in share value bonuses.
(DW/BMcC)
Earlier this week, Mr Cowen said the Government was planning to inject €8bn of taxpayers' money into AIB and Bank of Ireland to help them through the credit crunch, but now he wants Bank leaders to be penalized for the taxpayer handout.
Bank directors' would see their fees cut by 25% if the recapitalisation plan they have been crying out for goes ahead.
Mr Cowen added that he would expect top executives to face an upper limit on remuneration that is at least 25% below what it is at the moment.
Top bank directors can command a salary healthily in the seven-figure bracket, whilst claiming much more in share value bonuses.
(DW/BMcC)
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Ireland WeatherToday:Showers today, occasional north and west of Lough Neagh, but only a few isolated light outbreaks expected for Belfast and county Down where the best of the winter sunshine is expected. West to northwest winds brisk around the coasts. Maximum temperature 10 °C.Tonight:Showers focused across northern areas of the Province, with most in the south staying dry, with a frost developing for many here. Northwest winds fresh around the coasts. Minimum temperature 0 °C.
