Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Mr. Carrigan mentioned the report produced in the United Kingdom. Reference was also made in the United Kingdom to how bankers' bonuses are to be dealt with. One of the key tenets of the capital requirements directive was the restriction on bank bonuses and the strict requirement for a linkage between fixed and variable remuneration in terms of what constitutes set increment payments and what people might receive by way of a bonus in once-off or other given circumstances.

In Britain, there has been much talk about Government intervention in this area. I would be very keen to hear from the Central Bank what is happening in Ireland with regard to guarding against the giving of excessive bonuses. I refer to additional payments awarded recently to senior officials in Bank of Ireland. If we are to put in place a monitoring arrangement as part of CRD IV, how could senior officials and directors in Bank of Ireland have been given a pay increase last week or the week before?