Fianna Fáil by-election candidate David McGuinness has called on all candidates to commit to keeping the existing pay cap for bank chief executives in place following AIB’s formal request to exceed the €500,000 cap for its new CEO.
 
Cllr. McGuinness said: “Fianna Fáil’s Finance spokesman Michael McGrath secured confirmation from the Minister for Finance over the weekend that AIB has formally asked for permission to exceed the €500,000 pay cap for its new chief executive.  The Minister has said he is considering it and this is totally unacceptable.
 
“I am calling on all candidates in this election to commit to the existing cap and to vote in the Dáil, if elected, against any attempt to allow AIB to play by its own rules.  AIB should be sent packing on this one.
 
“The previous Minister for Finance Brian Lenihan was accused by Fine Gael of ‘bottling it’ when a salary cap of €500,000 was introduced and said the cap should be €250,000.  It is the Fine Gael-led Government that is now ‘considering’ allowing AIB to exceed €500,000.
 
“The cynical rhetoric of Fine Gael and Labour that has been exposed in the months since they took office demonstrates the need for the people of Dublin West to have someone in the Dáil who will stand up to this Government.
 
“I want all parties and by-election candidates to publicly commit to opposing this request from AIB.  €20bn of taxpayer’s money has been invested in AIB to protect our economy and all citizens from its collapse.  AIB needs to understand that the taxpayer is in charge and paying a new CEO close to €700,000 is totally unacceptable.”