![]() As minister, I cannot hire the women into financial services firms, I cannot promote them nor can I sign their firm up to the Women in Finance charter,” she said. But Junior Finance Minister Jennifer Carroll MacNeill said firms were “too slow” to sign up to the charter and called on more fintech and aviation financing companies to join. Patricia Callan, director of Financial Services Ireland, the Ibec group representing the sector, and chair of the Women in Finance charter steering group, said the figures show “significant progress”. The bonus pay gap in the sector was even larger, with men making on average 40pc more. Analysis by the Irish Independent found the gender pay gap in banks and insurance firms last year was just over 23pc - meaning that for every €1 men made per hour, women made €0.77 - almost double the gap in the wider economy. Experts say hiring more women at senior and middle management is the best way to improve any gender pay gaps, which tend to be higher in the banking sector. Almost a third of respondents (30pc) said the hours and demands of senior roles were standing in the way of hiring more women for top jobs. Low turnover in senior management roles was the second-most cited barrier, for 56pc of firms surveyed. Most financial firms (63pc) said a low number of female applicants for roles was the main barrier to improving gender balance. All have committed to hiring and promoting more women. Firms that signed the charter include lenders AIB, Bank of Ireland, Permanent TSB and loan servicing firm Pepper. The representation of women was 50pc across all roles in the 54 companies surveyed. But female representation at junior management level declined from 51pc to 49pc. Female representation in senior management increased by one point to 39pc, and by the same amount in middle management, to 49pc. The representation of women on firms’ executive committees rose three points to 35pc. The survey - the first progress report on the 54 firms that signed up to the industry-led ‘Women in Finance’ charter last year - found the proportion of women on company boards rose five points to 37pc last year. A report by the Economic and Social Research Institute (ESRI) published today also found that female representation in senior and middle management at 54 firms was relatively flat last year. The number of women on the boards of some Irish-based financial firms rose last year, while the number in junior management fell. Jennifer Carroll MacNeill said more financial firms should sign up to the industry-led 'Women in Finance' charter. More women on bank boards but fewer in junior management, ESRI survey finds
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