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Davy group of 16 face possibility of personal sanction from Central Bank

Davy has authority to act as primary dealer of Irish government bonds stripped with immediate effect

Fine Gael ministers will not accept pay increases due later this year

Fine Gael ministers will not accept a pay hike due within the coming months, it has been revealed. It comes after Fianna Fáil Minister for Public Expenditure and Reform Michael McGrath said he plans to waive the increase and expects his government colleagues to adopt the same position. The 2pc pay rise is due on the TD portion of ministers’ salaries that is also paid to all deputies before July 1. The increase, which due under a wage restoration process, would bring a TD’s salary of €98,113 up to €100,191. Ministers’ pay is made up of this TD wage of €98,113 plus a ministerial salary of €81,100 – a total of €179,213.

Fine Gael ministers will not accept pay increases due over the coming months

“Fine Gael ministers have not accepted any pay restoration or any pay increase since restoration began in 2014 and will not be accepting the next restoration in July,” said a party spokesperson. A Department of Finance spokesperson had also earlier confirmed that Minister Paschal Donohoe will not be availing of the increase. Speaking during the week, Mr McGrath said he was going to gift the increase back to the State. It is part of a programme of restoration of pay cuts imposed during the financial crisis. Mr McGrath was speaking about the TD portion of his salary. Ministers have already waived 12pc of their wages, worth over €21,000, after taking a 10pc pay cut and waiving a 2pc pay rise under the last public sector pay deal.

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