Bank of Ireland blames pay cap for departure of CFO

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Monetary establishment of Ireland, one in all many nation’s three retail banks, is dropping its chief financial officer after a pay cap launched throughout the wake of the financial catastrophe prevented it from matching a wage provide from one different agency.

Myles O’Grady joined the monetary establishment in June 2019 and has been CFO since October that yr. He’s leaving subsequent March to affix an as however undisclosed agency exterior the financial sector, the monetary establishment acknowledged in a press launch.

Following Ireland’s 2008 banking catastrophe, which prompted the eurozone’s most expensive banking bailout, authorities pay was capped at €500,000 and bonuses and incentivised pay have been banned.

“Myles’ decision to go away the Irish banking sector highlights the issue that remuneration restrictions signify for Irish banks in attracting and retaining experience,” Francesca McDonagh, chief authorities, acknowledged throughout the assertion.

“The scarcity of a stage having fun with topic means Monetary establishment of Ireland is at a aggressive downside to completely different companies, corporates and PLCs who’re normally not restricted within the similar strategy.”