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Dáil
‹ Ceisteanna ar Reachtaíocht a Gealladh - Questions on Promised Legislation

Bankers' pay review

Summary

Joan Burton fears the €500,000 cap on bankers' pay may be lifted and links it to mortgage concerns. Paschal Donohoe says he has commissioned an independent review, chiefly to recover taxpayers' money from the banks.

Pat the Cope Gallagher An Leas-Cheann Comhairle Fianna Fáil

Deputy Burton is fortunate it is Christmas time.

Comment on this

I thank the Leas-Cheann Comhairle. Can it be true that the Government is proposing to publish a report, either before or after the Dáil closes, that the €500,000 cap on bankers' pay is about to be amended and lifted by the Government? We know from the crash that lavish pay is no guarantee of success in running banks. We saw last week the Permanent TSB sell off 6,000 performing mortgages that have been restructured. Could it be true that we will offer these top bankers more than €500,000 in pay and bonuses? What has the Taoiseach to say to people in the country terrified of their mortgages being sold off to vulture funds?

Comment on this

All that is true about what the Deputy said about banking pay and remuneration is that I have requested that an independent review of this issue be carried out. The main reason I have done that is I want the Irish taxpayers' money back. We invested billions upon billions of euro in the Irish banking system. Deputy Burton was a great critic of it at the time and she was correct to be a critic. I want to see the money returned to the Irish taxpayer over time. I am aware that we now have a vast array of companies located here in Ireland that pay significantly more than Irish banks pay to their staff. All that is true is that a review is under way. I have not yet received that report and do not anticipate doing so until early in the new year.

Comment on this