One fat cat banker in Ireland was paid over €6million last year, while another 48 top executives were paid at least €1million each.
A report found under 50 top executives working for financial institutions in this country were paid a total of €86million between them in 2021.
But the public is not allowed to find out who the bankers are, as the information from the European Banking Authority does not identify the individuals or the companies they work for.
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The EBA’s report disclosed that 48 bankers working for financial organisations in this country were paid more than €1million in 2021.
Most of these high earners were employed in investment banking and collectively were paid more than €86million.
The report also reveals that around €50million of this was drawn from what is described as “variable remuneration” which usually means bonuses for making money for the banks.
The report also revealed 33 bank bosses within the group were paid between €1million and €2million.
A further eight received between €2million and €3million, while six were paid between €3million and €4million.
The data does not specify the institutions involved.
At a time when interest rates are rising and putting increasing pressure on mortgage holders, the report found the number of bankers and investment professionals in the EU who earned more than €1million hit a record high last year.
It was up more than 40 per cent to 1,957 in 2021 – the highest level since the EBA began compiling these statistics in 2010.
The huge increase in bankers’ pay packets is being put down to Brexit, which saw many top executives move from London to financial hubs such as Paris and Frankfurt.
Just before Christmas, then Finance Minister Paschal Donohoe defended lifting the €500,000 pay cap on the salaries of top Irish bank executives.
He claimed that scrapping the cap was necessary because there was intense competition for the recruitment of senior executives from 30 other banks operating in this country.
The now Public Expenditure Minister – at the centre of an undeclared election donation controversy – said the relaxation of salary caps and increased bonus payments was necessary.
However, the pay Irish bankers receive is relatively small compared to some executives in Europe.
The EBA data also reveals that the highest-paid banker in the EU, who is located in Spain, earned between €14million and €15million in 2021.
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