Mick Barry (Cork North Central, Solidarity) | Oireachtas source

I was not going to speak about the bankers' pay cap and bankers' bonuses. I was going to focus on some of the finer details of the Central Bank (Individual Accountability Framework) Bill 2022. However, a discussion has kicked off here and the Minister has made some points so I will join the debate. I will start by asking him a question. The Taoiseach made the argument in the Dáil yesterday that this is fundamentally about allowing bank workers on low and middle pay to have variable pay and increase their income. The Minister has made the same argument here. I do not buy it for a minute. This is codology. Is there any legal impediment or any reason the Minister could not lift the ban on variable pay for people under a certain threshold - he used the figure of €49,000 and said that 48% of bank workers have a basic income of less than that and that 75% have an income of less than €75,000 - of say €100,000? I would be okay with that. Everyone earning below €100,000 could have variable pay but the Minister would keep a cap in place for people earning more than that, including people on the top rates, who are earning €500,000 per year.

Is there a legal impediment to the Minister doing this or is there any reason it could not be done?