The Minister for Finance has continued his defence of relaxing the restrictions on bankers' bonuses and pay in the Dail this afternoon.
Paschal Donohoe told the Dáil the three Irish-owned banks were facing competition for staff from 30 other banks operating in Ireland which were offering bonuses and variable pay.
He added that the banks were now working in "fundamentally different regulatory environment" than had been in place prior to the financial crisis.
He said there would be more measures "making sure we have ability to sanction individuals" introduced in future.
Minister Donohoe was responding to Social Democrats co-leader Róisín Shortall who said it seemed "no self respecting high flying banker would work for less than €500,000."
She asked why the Government agreed to change the rules for AIB which had been fined €96m this year for its role in the track mortgage scandal.
She said lifting the restrictions was "especially galling" for families affected by the scandal and asked "where is the evidence the banks have learnt any lessons?"
