Dáil debates

Wednesday, 1 October 2008

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages

 

11:00 pm

Photo of Joan BurtonJoan Burton (Dublin West, Labour)

Would it be such a hardship for some of these executives to come down to that level?

The important point is that such a provision would send out a signal that the historical era of free booting banking, reckless risk-based investment and the bonus culture is over, that we have turned a page and are now entering a different historical era in which banking concentrates on sound economic propositions and activity that creates employment and homes for people. That would be a very important signal to send out from this House tonight. In that context, I hope the Minister will consider the Labour Party amendment. We are trying to support the Minister here and I hope that in dealing with recalcitrant bankers, such support will be accepted by him.

The Minister referred to the National Treasury Management Agency, which could provide the framework by which the Minister could implement the Labour Party proposal. The chairperson and chief executive of that agency manages our national debt, arranges bonds and has a multitude of responsibilities in the financial area. Why not set up a simple review mechanism, through the agency, so that it can report on an annual basis to the Oireachtas Joint Committee on Finance and the Public Service or some other forum, on the structure of the compensation scheme for the senior executives of participating institutions. In that way, the public could be advised of how the delinquent teenagers are getting on with regard to their good behaviour contracts.

Comments

No comments

Log in or join to post a public comment.