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09/02/2009
Gov To Slash Bankers Pay
Top bankers in Ireland could be facing a major pay cut ahead of the up-coming bail-out of some banks.
The government is trying to agree a reduction in bankers wages as well as more credit for business and a stay on home repossessions before a €7 billion bail-out to save the stricken banks gets the go ahead.
However, despite the Finance Minister's stated intentions to cut their wages amidst public outcry over inflated bonuses and wages, Fine Gael has already accused the government of "bottling it" on the reductions.
Fine Gael Enterprise Spokesman Leo Varadkar it appears the Government is bottling it when it comes to forcing pay cuts for senior bankers.
Mr Varadkar has accused coalition TD Eamon Ryan of using legal arguments as a basis for not being able to force pay reductions.
"Fine Gael believes that pay freezes across the banking sector and pay reductions for senior executives need to be a condition of any recapitalisation plan. Today, within the space of an hour, there were two Green Ministers sending conflicting messages for senior banking executives," Mr Varadkar said.
Yesterday, the Taniaste Mary Hanafin called one bank chief's wages of over €2 million in a single year "outrageous".
Labour Party leader Eamon Gilmore said the plan had to work or the taxpayer would have to pay the price.
(DW/BMcC)
The government is trying to agree a reduction in bankers wages as well as more credit for business and a stay on home repossessions before a €7 billion bail-out to save the stricken banks gets the go ahead.
However, despite the Finance Minister's stated intentions to cut their wages amidst public outcry over inflated bonuses and wages, Fine Gael has already accused the government of "bottling it" on the reductions.
Fine Gael Enterprise Spokesman Leo Varadkar it appears the Government is bottling it when it comes to forcing pay cuts for senior bankers.
Mr Varadkar has accused coalition TD Eamon Ryan of using legal arguments as a basis for not being able to force pay reductions.
"Fine Gael believes that pay freezes across the banking sector and pay reductions for senior executives need to be a condition of any recapitalisation plan. Today, within the space of an hour, there were two Green Ministers sending conflicting messages for senior banking executives," Mr Varadkar said.
Yesterday, the Taniaste Mary Hanafin called one bank chief's wages of over €2 million in a single year "outrageous".
Labour Party leader Eamon Gilmore said the plan had to work or the taxpayer would have to pay the price.
(DW/BMcC)
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