Top calibre chief executives in IFSC institutions and non-IFSC banks can earn basic salaries in excess of £200,000 (€253,948) a year plus performance-related bonuses and benefits, according to Ernst & Young's latest annual survey of remuneration in the financial services sector.

The average basic salary, excluding bonus and other benefits, for chief executives in the IFSC is £102,047 compared to £93,896 in 1999. Salaries for chief executives have increased 9-12 per cent for the overall sector.

Throughout the financial services industry, basic salaries rose 4-11 pre cent in the last year.