Ireland's debt-saddled top bank, Allied Irish Banks PLC, bowed Wednesday to public pressure and pruned the salary of its new chief executive to a government-ordered ceiling of ⁈0 ($748,000).
Prime Minister Brian Cowen announced the bank's move while answering lawmakers' angry questions in parliament. He said any new executives at Irish banks benefiting from government insurance and billions in state aid must observe the salary cap.
Allied Irish's board had sought to breach the government-ordered salary cap, stoking public fury over bankers' lavish salaries amid an unprecedented taxpayer-funded bank bailout.
In a statement, Allied Irish …
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