48 people working in banking and finance in Ireland earned more than €1m in 2021, including eight who earned between €2m and €3m and six who earned €3-4m, according to figures from the European Banking Authority (EBA).
Some 33 people working for Irish banks and investment firms earned €1-2m, and one unidentified individual earned €6.6m, including €2.2m in fixed remuneration and €4.4m in variable pay.
Of the 48 people in Ireland, 24 earning more than €45m combined were in investment banking while two people earning nearly €1.5m in fixed pay and €822,000 in variable remuneration worked in retail banking.
A further 14 worked in a management function, while three were in asset management, two were in corporate functions, and two were in independent control functions.
The average total remuneration among the 48 individuals, who earned almost €86m, between €35m in fixed pay and €50m in bonuses, was €1.8m.
In Association with
Overall, the number of high-earners in the EU receiving more than €1m rose 41.5% year-on-year, from 1,383 to 1,957, driven by the financial performance of institutions, general increases in salary, and also the continuing relocation of staff from the UK to the EU and EEA post-Brexit.
Ireland had the seventh highest number of individuals earning in excess of €1m, lagging well behind Germany (589 or 30% of higher earners), France (371 or 19%), Italy (351 or 18%), and Spain (221) as well as Norway (68) and Sweden (66).
Over 70% of the increase in high earners was seen in Italy (+88%), France (+63%) and Spain (+73%), corresponding with the increase in return on equity in those member states.
Employees in Ireland's banking sector remain subject to a €500,000 on annual pay, which has come under attack from prominent bankers, including former Bank of Ireland CEO Francesca McDonagh who left the bank for Credit Suisse last year.
The Oireachtas joint committee on finance, public expenditure and reform on Wednesday recommended that the restrictions, which were implemented in 2009 after the financial crash, should remain in place.
A tax of 89% on bonuses over €20,000 was introduced in 2011.
(Pic: Getty Images)
