Bankers’ pay and banking legislation
Pearse Doherty presses the Government to legislate on bankers’ remuneration, accusing it of retreating from earlier promises. Ciarán Lynch links the issue to public interest directors under the Credit Institutions Stabilisation Act, but the Ceann Comhairle repeatedly rules that proposed amendments cannot be raised under the Order of Business.
I wish to ask about legislation that may emanate from the publication last week of the Mercer report. We have the revelation that Mr. Richie Boucher is on a salary of €843,000 and I wish to point out to the Minister that four years ago, his party had a right go at the former Minister for Finance, the late Mr. Brian Lenihan. Indeed, Deputy Richard Bruton-----
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The Deputy is supposed to be asking about promised legislation. We are not going to go back over the issue of Mr. Boucher again.
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Deputy Bruton accused the then Minister for Finance of "bottling it" when he said that a cap of €500,000 on bankers' pay was adequate. Fine Gael, Sinn Féin and others all voted to reduce bankers' pay. The only people who did not vote to reduce it were Members of the Fianna Fáil Party. The Government has no problem with threatening public sector workers with legislation to reduce their pay, effectively tearing up the contracts of employment for front line workers, including gardaí, nurses-----
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When will we see legislation to reduce bankers' pay or is the Government bottling it, just as it accused the previous Government?
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Does that answer apply to both parts of the question?
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This Government is bottling it, just like the previous Government.
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Deputy Doherty should stop grandstanding.
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The legislation being referred to by the Deputy is the Credit Institutions Stabilisation Act 2012. When that Act was passed, it put in place public interest directors in each of the banks that were recapitalised. I suspect that Deputy Doherty was not aware that this legislation actually deals with the matter.
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We are lucky to have Deputy Lynch here to explain matters.
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I cannot believe the Deputy is referring to the public interest directors. That has nothing to do with this. That is a separate issue but a nice try.
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-----sits on the remuneration committee of Bank of Ireland and was the director who actually-----
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Perhaps the Deputy could also raise the separate issue of upward only rent reviews, which he championed in opposition.
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-----passed the pay increase for Mr. Boucher. The question I put to the Minister is whether it is time for the Government to consider amending the Credit Institutions Stabilisation Act-----
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-----to ensure that when the public interest directors are making such decisions, they get sanction from Government.
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That is not related to promised legislation, Deputy Lynch. Deputy Boyd Barrett please. I remind Deputies that we are dealing with promised legislation.
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We are supposed to be dealing with promised legislation. We cannot have debates on whether Acts will be amended. If a Bill is on the list, we talk about it.
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The Deputy should raise it at his parliamentary party meeting.
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I am abiding by the Standing Orders of the House. Deputy Lynch is the Chairman of an Oireachtas committee and he knows all about Standing Orders. I ask the Deputy to resume his seat.
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This has nothing to do with Standing Orders. I am simply asking the Minister, with regard to the Credit Institutions Stabilisation Act 2012, which put in place public interest directors-----
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We do not ask about things that are under consideration. We ask about promised legislation.
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Is Deputy Lynch going to deal with upward only rent reviews too?
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Under Leaders' Questions a few moments ago, the Minister, Deputy Coveney, said an examination is taking place within the banks with regard to payments. If the banks do not take the issue of payments in hand, the Government will examine the matter further. I would imagine, if the Government is doing that, it will look to the aforementioned Act and-----
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I will reply if the Deputy resumes his seat. We are on the Order of Business, which deals with promised legislation, that is, legislation that has been promised by the Government. Deputies can ask about when such legislation is likely to be introduced. Standing up and asking if the Government proposes to amend legislation that is not on the list is not in order under the Order of Business. I suggest the Deputy tables a parliamentary question and if he gets a reply to the effect that the Government is proposing to introduce new legislation, then he will be entirely in order on the Order of Business to raise it. Does Deputy Lynch understand that?
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This is getting out of hand. I ask Deputy Lynch to resume his seat. I am quite clear about this and it applies to everybody in the Chamber. I have made a ruling and am moving on to Deputy Kelleher.
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I was next.