Belfast Telegraph

Saturday 23 August 2014

Banks 'should be named and shamed'

Banks that continue to link wage perks to inappropriate risk taking should be named and shamed, the Central Bank said

Banks that continue to link wage perks to inappropriate risk taking should be named and shamed after a damning review found little change in pay policies.

The Central Bank said just one bank had made progress in reforming how it rewards its executives.

While refusing to name the banks, it warned past mistakes risked being repeated unless action is taken.

But Fine Gael and the Irish Small & Medium Enterprises Association (ISME) said lenders who fail to change should be outed.

Mark Fielding, ISME chief executive, said: "They should be named and shamed.

"We've gone way past the cloak of secrecy over these things."

His sentiments were echoed by Fine Gael's deputy finance spokesman Brian Hayes.

"I think they should name the banks," he said.

"We own these banks effectively. So why should we treat them any differently to public authorities?"

The review of the state's banks and building societies was carried out in September and October.

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