Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

With my shareholder hat on, we own slightly less than 14% of Bank of Ireland, so how we exercise our votes is not going to matter in terms of the remuneration package for directors, which is the resolution.

From a shareholder's perspective, we did a very successful and beneficial deal for the State with Bank of Ireland on the transaction we had before Christmas. Bank of Ireland's activity has enhanced the value of the State's shareholding very much. Last year, the State abstained on a similar resolution because the recommendations of the Mercer report to cut the cost base of Bank of Ireland had not been implemented. Since then, principally through a reduction which was taken across the pension rights of all staff, particularly senior staff, the situation has improved dramatically.

Let us look at the cost-cutting base. If one takes the remuneration package, the reduction in Bank of Ireland is 48%. If one takes the whole cost base of the bank, the reduction is 28%. These are very strong figures coming from the Mercer report so I do not think I would be justified in abstaining again.

From a shareholder's point of view, I do not want to get involved in quixotic gestures. I know my comment will not help the Deputy in any way. However, I refer him to what Mr. Justice Martin Nolan said when he directed the jury in the notable court case that is still proceeding. He said that since the Lehman Brothers crash in 2008 - I am not quoting - they had been in bad order, and that it would be incredibly unfair and wrong to treat the individual bankers on the basis of legal issues that came from the crash.