Financial institution of Eire blames pay cap for departure of CFO

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Financial institution of Eire updates

Financial institution of Eire, one of many nation’s three retail banks, is dropping its chief monetary officer after a pay cap launched within the wake of the monetary disaster prevented it from matching a wage supply from one other firm.

Myles O’Grady joined the financial institution in June 2019 and has been CFO since October that 12 months. He’s leaving subsequent March to hitch an as but undisclosed firm outdoors the monetary sector, the financial institution stated in an announcement.

Following Eire’s 2008 banking disaster, which prompted the eurozone’s costliest banking bailout, govt pay was capped at €500,000 and bonuses and incentivised pay have been banned.

“Myles’ determination to go away the Irish banking sector highlights the problem that remuneration restrictions symbolize for Irish banks in attracting and retaining expertise,” Francesca McDonagh, chief govt, stated within the assertion.

“The shortage of a degree taking part in subject means Financial institution of Eire is at a aggressive drawback to different corporations, corporates and PLCs who usually are not restricted in the identical method.”