Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

With respect, I found the statement quite arrogant. There is only one way that deferred bonus scheme can work. It must operate under the excessive remuneration charge, which was introduced in 2011 and was an additional 45% tax on bonuses for bankers in banks which received State money. There is no Cinderella clause. It will continue in Irish tax law indefinitely unless the Irish Parliament wishes to remove it. Announcing a deferred bonus scheme which could only provide any real benefit to senior executives if this provision was gone was quite arrogant. I think the bank has overstepped the mark. Despite whatever cosy little arrangement it has with the Minister of Finance, the bank may know that he is in a minority. I am not sure if other parties have involved themselves in this arrangement but the Irish Parliament has a tax system that would see the benefit of any deferred scheme limited to 10% of every €1 received as a bonus. Some 90% of it would have to be paid back to the Exchequer. Is that what the witnesses are planning to do because-----