Elderfield calls for end to cap on banker salaries
Financial Regulator Matthew Elderfield has today called for the scrapping of caps on bankers' pay.
Speaking at the MacGill Summer School in Glenties, Co Donegal, Mr Elderfield said the pay caps were a barrier to encouraging fresh talent into the banks.
He said that the banking watchdog is planning an investigation into the fitness and probity of all directors of institutions re-capitalised by the taxpayers.
He warned however that capping the pay of bank bosses could make the recruitment of fresh talent more difficult.
"The fact is that, bar one bank we've heard this morning, you guys, the taxpayers, own the whole of the banking system, and I think we need some fresh blood in the banking system, and I think with the caps in place its going to be very hard to be able to get that," he said.
