Bank of Ireland has been fined over €100 million for overcharging more than 15,000 customers and 81 breaches of regulations. To date, it has been forced to pay back €186 million it took from affected customers. Bank of Ireland inflicted serious harm on customers and ruined many of their lives. Even during the tracker mortgage examination, it continued that harm, leading to the loss of seven family homes during the period. The cruel irony is that the bank is likely to pass on the fines to its customers. The problem is that not one banker has been held to account in any of the banks for the tracker mortgage scandal, which has ruined so many lives. In January 2017, I passed a motion in this House calling for individual accountability for bankers. The Central Bank called for legislation the following year. It has taken the Government five years even to publish the legislation. Given what has transpired in Bank of Ireland, AIB and other financial institutions, and the fines that have been levied against them, will the Tánaiste agree with me that now is not the time to remove the bankers’ pay cap or allow for bankers’ bonuses? Will he rule both of them out during his time in government?

I thank the Deputy. When I think about this issue, I do not just think about the financial scandal; I also think about the human impact of it, the 16,000 families affected and particularly the 25 families who have lost their homes. What we see today is a €100 million fine, the largest ever imposed on any bank, in addition to €180 million paid in compensation by the bank. To me, that sends a clear message: rip off your customers and you will pay. It is now very clear to the banks that they will pay big fines if this kind of thing happens again.

On the legislation, the Central Bank (Individual Accountability Framework) Bill has been published. We hope to get that through the Houses as soon as possible.

The rules on bonuses and salary caps apply to the banks that were bailed out, not to the other banks. The position on that has not changed.