The Minister for Finance, Paschal Donohoe, has announced the removal of salary caps for senior executives at bailed-out banks following the sale of the State's remaining stake in AIB. This policy change signifies a move towards normalizing the banking system after years of financial intervention post-2008 crisis. Salary limits, initially imposed in 2009 to mitigate excessive risk-taking, are now lifted from AIB and Permanent TSB, aiming to create a competitive environment for compensation. This action aligns with a larger trend in Europe, where many restrictions have been eased in the last decade.
The salary cap, initially set at €500,000 for senior executives at bailed out banks, has been lifted, reflecting a shift towards normalizing the banking industry.
Minister Paschal Donohoe stated that lifting the pay cap indicates a normalization of the domestic banking system, following significant divestments by the State.
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