Mairead Farrell critical of plans to restore bonuses at bailed-out banks

Galway Bay fm newsroom – Local TD Mairéad Farrell is criticising plans to restore bonus payments to staff at bailed-out banks.

Pay has been capped at €500 thousand at the three bailed-out banks – AIB, Permanent TSB, and Bank of Ireland – and bonuses have been banned since the financial crash.

But Cabinet is expected to approve plans being presented this morning by Finance Minister Paschal Donohue.

They would allow banks to pay bonuses of up to €20 thousand, as well as remove restrictions on a number of non-pay benefits.

Some argue the restoration will benefit not just higher-level bank staff, but all staff right down to the lowest entry-level positions.

Sinn Fein Galway West Deputy Farrell – who herself previously worked in the financial sector – says the truth is, this will really benefit the highest earners.