views

PAY OF ALLIED IRISH BOSS IS CAPPED

COLM Doherty, the new head of Allied Irish Bank, has accepted a 20 per cent pay cut to take the reins at the bailed-out bank. Doherty, who led Allied Irish’s investment banking arm on a salary of €633,000 (£565,000), has had his pay packet capped at €500,000 after nationwide outrage at remuneration at state-backed banks. Prime Minister Brian Cowen announced the move yesterday in the Irish parliament.