Billy Kelleher (Cork North Central, Fianna Fail)

I will explain. They are already paying their income tax; this would be a surtax. We should be serious about this. If it can happen in the heart of capitalism, Wall Street in New York, in the context of President Obama's announcement, we too should consider having a surtax on remuneration to executives. I would propose a very steep one of 75% on people earning over €350,000. If they wish to reward themselves, they can do so but we will end up taking it from them. This is a matter we should re-examine. When discussing remuneration we should also realise that the Irish taxpayer, who is being asked to support this capitalisation, looks in absolute anger at the bonuses that were paid over a period of time. There are undoubtedly many fine people in the banking institutions. However, if they do not wish to work for €350,000 and a surtax, I am sure there are many other people who would be competent, willing and capable of replacing them. The choice is theirs.

The people, the Government and the lending institutions have entered into a new arrangement or relationship. The banks have an obligation to ensure that they live up to the various codes of practice with regard to lending to small and medium enterprises and lending to mortgage holders and people who find themselves in distress and falling into arrears. It would be morally unacceptable to have people brought before the courts for failing to meet repayments when they are trying to do their best after being laid off or even where there is a double income loss in the family home. We must be conscious that there are many people who are hurt and feeling the full whirlwind of this international global recession. It is time other people stepped up to the plate and carried some of the burden as well.

The broad thrust of the debate in this House over the past few months about capitalisation and the difficulties in the banking sector has ranged from populist rhetoric to genuine, sensible proposals. Most commentary in the House is in the interest of the broader economy. Social welfare queues are lengthening, the number on the live register is rising rapidly and a quarterly household survey is due to be produced quite soon which will give an accurate reflection of the increase in unemployment. A sum of €7 billion is being put into the recapitalisation of the banking system, which is a huge figure, while there is also the possibility of the unemployment figure reaching 400,000. We tend to forget that each of those figures represents an individual, the breadwinner who has lost their job and a family in distress.

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