Seán Ardagh (Dublin South Central, Fianna Fail)

In addition, in five years' time we will have an option to take up 25% of the ordinary share capital of that bank. I presume the idea is that the Government will take up ownership when the economy is in a position for that 25% to go to market. It can then be sold, with the proceeds coming to the Government. That option will be taken up at the current share price, whatever it may be, at the date of the recapitalisation. Making an investment in a bank is very different from expending money. In the former case we expect a return that will be of benefit to the people into the future.

Bank salaries feature regularly in discussions. All Deputies have had e-mails over the past while, especially from people in the public service sector. I received over 60 e-mails addressed, variously, to "Deputies", to my constituency and personally. I have also received e-mails that were addressed to every Member of Dáil Éireann. These are innumerable. I do not know how many of those there are. I replied specifically to the 60 and read the ones addressed to me personally. In almost every one the writer asks why the public service must take the cut while the bankers who caused the problem do not. In the recapitalisation programme we note that bankers are now in the first phase of the first cut, as far as mega-salaries are concerned. The total remuneration for all senior executives will be reduced by at least a third, no performance bonuses will be paid for senior executives and no salary increases will be made in respect of 2008-09. Non-executive directors' salaries are to come down immediately, by 25%.

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