Mortgage holders are watching interest rates rise with terror. It could mean many will have to pay an extra €6,000 a year.
But the greed of the top bankers knows no end. The CEO of Bank of Ireland, Myles O’Grady is paid a staggering €960,000 a year and the Chief Financial Officer, Mark Spain gets €550,000. But they claim it is not enough.
The bank has agreed to top up their salaries by 50% by giving the equivalent in shares.
Last November, the government relaxed restrictions on bankers’ pay put in place since the crash of 2008 after intense lobbying. They do nothing to help mortgage holders, but they have facilitated the greed of the banks.
No one should fall for the arguments that the pay rises for top bankers are ‘private commercial decisions’. Bank failures affect society as a whole and so they should be in public ownership.
When they are privately owned greed is allowed run riot.