Belfast Telegraph

Top boss leaves €500,000 cap bank

by donal o'donovan

AIB has lost its most senior financial figure just weeks after the deputy chairman of the bank said the Republic's cap on bankers' pay is leading to a loss of key staff.

AIB veteran Paul Stanley, who has been acting chief financial officer since 2011, has told the bank he is leaving to pursue other opportunities.

He is understood to be going to Ulster Bank which is not subject to the pay cap – the pay cap only applies to banks where the Irish government has a stake.

Earlier this month in an interview with RTE, AIB deputy chairman Michael Somers said staff who are "systemically important" to AIB are exiting the bank and blamed the €500,000-a-year limit on bankers' pay.

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