Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

On foot of a freedom of information request to the Department of Finance, I received a copy of the advice given to the Minister in respect of last year's AGM. It was clear that his officials did not want him to vote for the remuneration package of the CEO of Bank of Ireland. They said it would be inappropriate given that he had not received responses on the Mercer report. The Taoiseach stated on that day that the salaries were extraordinary. He expected significant reductions from the leadership of the banks. One year later, we know that not one cent of the basic salary of €843,000 has been reduced. We know that people in Bank of Ireland and other banks have lost their jobs, but at the highest level, not one cent has been taken from salaries.

On 25 April, while this House is in recess, the Minister will have the option, on behalf of the Irish people, to cast a vote based on his shareholding in Bank of Ireland. He will have to vote on the resolution to endorse the remuneration packages. Yesterday he told me that he has not yet considered the matter. He needs to do what the Irish people expect from him and what he should have done last year. He needs to say that paying €843,000 to the CEO of Bank of Ireland is obscene at a time when the bank is not dealing with the mortgage crisis appropriately and when Irish people are struggling. As the Minister for Finance, he should not endorse such packages. I ask him to clarify for the House the position he will take in two weeks' time.

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