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.

How has the competition for workers in the banking sector changed over time?

What are the main challenges faced by banks in Ireland regarding staff recruitment and retention?

What recommendations were made regarding the pay restrictions for banks?

What future considerations are there for the pay cap of AIB and PTSB?

What impact does employee pay have on staff retention in the banking sector?