Bank of Ireland blames pay cap for departure of CFO

Bank of Ireland updates Sign up to myFT Daily Digest to be the first to know about Bank of Ireland news. Bank of Ireland, one of the country’s three retail banks, is losing its chief financial officer after a pay cap introduced in the wake of the financial crisis prevented […]

Bank of Ireland updates

Bank of Ireland, one of the country’s three retail banks, is losing its chief financial officer after a pay cap introduced in the wake of the financial crisis prevented it from matching a salary offer from another company.

Myles O’Grady joined the bank in June 2019 and has been CFO since October that year. He is leaving next March to join an as yet undisclosed company outside the financial sector, the bank said in a statement.

Following Ireland’s 2008 banking crisis, which prompted the eurozone’s most expensive banking bailout, executive pay was capped at €500,000 and bonuses and incentivised pay were banned.

“Myles’ decision to leave the Irish banking sector highlights the challenge that remuneration restrictions represent for Irish banks in attracting and retaining talent,” Francesca McDonagh, chief executive, said in the statement.

“The lack of a level playing field means Bank of Ireland is at a competitive disadvantage to other companies, corporates and PLCs who are not restricted in the same way.”

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