Fintan O’Toole: Banks are public institutions masquerading as private businesses

Pressure is mounting for top bankers’ pay limits to be lifted. It should be resisted

Tue, Jun 19, 2018, 05:00

Fintan O'Toole

Anglo Irish Bank: in 2007 David Drumm (left, with chairman Seán Fitzpatrick) was paid €3.3 million, €2 million of it as a bonus for his magnificent stewardship. Photograph: Alan Betson

Anglo Irish Bank: in 2007 David Drumm (left, with chairman Seán Fitzpatrick) was paid €3.3 million, €2 million of it as a bonus for his magnificent stewardship. Photograph: Alan Betson

Ever had that slightly weird sensation of reading a newspaper headline and thinking, Oh, that’s good news? And then you read the story itself and realise it’s actually supposed to be a bad thing.

I had that experience last Friday while reading the business supplement in The Irish Times. The headline was: “Bonus ban has limited ability to make senior hires - BoI chief”. It summarised an interview by Joe Brennan with the chief executive of Bank of Ireland, Francesca McDonagh.

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