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

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.

The Irish Times
Please subscribe or sign in to continue reading.
The Irish Times

How can I keep reading?

You’ve reached an article that is only available to Irish Times subscribers.

Subscribe today and get the full picture for just €1 for the first month.

Subscribe No obligation, cancel any time.