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Pay cap for Irish bankers to stay put, junior finance minister says

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Pay cap for Irish bankers to stay put, junior finance minister says

The Irish government will not change the €500,000 pay cap for bankers, Junior Finance Minister Michael D'Arcy told Bloomberg TV, saying bankers are already "well paid."

D'Arcy's statement comes as the finance ministry looks into a report from consulting firm Korn/Ferry International over the cap's future, the news agency noted.

The Irish central bank's ongoing culture review and the current review on a mortgage overcharging scandal would likely have to be completed first before any progress is made on the matter, an analyst at Goodbody Stockbrokers said.