It’s reported this morning that a salary cap of €500,000 won’t apply to the next top banker at AIB.

Colm Doherty is paid over €633,000 a year in his current position as a senior executive at the bank.

He’s expected to be appointed ‘managing director’ of AIB shortly – but won’t be forced to take a pay cut.

Finance Minister Brian Lenihan set the salary cap for a bank ‘chief executive’ earlier this year – but Business Journalist Tom McEnaney told Breakfast here on Newstalk  the crucial point is in the AIB job title.

“Mr Doherty was on a salary of €633,000″ he said.

“Had he become Chief Executive of AIB, he would have had to drop that down to €500,000″.

“But because he’s now only going to be managing director – and he’ll be answerable to an executive chairman – he gets to keep his salary….and it’ll stay at €633,000″ he added.