Irish government relaxes rules around bankers’ pay and bonuses

The transcript discusses the pay restrictions imposed on Irish banks, highlighting the challenges these restrictions pose for staff recruitment and retention, especially in critical areas like IT and compliance. A review suggests amending these restrictions, including removing the ban on variable pay and the pay cap for Bank of Ireland. The discussion also covers the future challenges in recruitment due to the exit of KBC and Ulster Bank, emphasizing the need for competitive pay to retain talent. The impact of pay on staff retention and the importance of having the right people in place for the banks that hold the majority of Irish deposits are also addressed.

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