Minister for Finance Michael Noonan has criticised pay increases received by bank chiefs during the financial crisis, while they were being funded by the taxpayer.
He said this was ridiculous when at the same time public servants were being asked to take pay cuts.
Mr Noonan said their overall position is that the taxpayers have invested a lot of money in the banks and the Government wants that investment protected.
However, he said while they want banks to be profitable to protect that taxpayers investment, they are suffering huge losses because their cost base is too high.
He said he had written to the banks seeking a reduction in payroll costs of between 6%-10%, and he hopes to hear from the banks on this issue by the end of April.
"It is ridiculous to have nurses and gardai taking paycuts, and bankers who are losing money all the time, to which the taxpayer has invested so much, are getting pay increases since the financial crisis started - that has to be sorted out," he said.
In relation to a strike threat by public servants Mr Noonan said nobody wanted them to strike because they play such a vital role in public life.
He said even if they had accepted Croke Park II, the savings envisaged under it would not come into play until July.
He said there is still some time left for Kieran Mulvey of the Labour Relations Commission and the unions to progress the issue, and he hoped advances could be made over the coming weeks.
In any event, Mr. Noonan said, the savings of €1bn over the next three years, including €300m this year, have to be found.
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