Brian Lenihan Jnr (Dublin West, Fianna Fail)

The report was received yesterday. There was a Private Members' motion and an amendment and an amount of legislation to bring through the House. It is open to a Minister to bring any matter of public importance to the Government for decision. This is a matter of sufficient public importance to require a Government decision. In answer to what Deputy Bruton indicated, I agree with him that this is a very important issue. This is the reason that on foot of the guarantee arrangement we put in place a scheme which provided for a scientific determination of this issue. This scientific determination rests not just on a comparison with comparable positions but also takes into account the fact, as Deputy Bruton pointed out, that these institutions are guaranteed. This is something the committee has to take into account and it also has to take into account the fact that these institutions are capitalised. All those factors are being taken into account by the committee in its report. I can confirm that much to the House because I do not want the work of the committee to be misrepresented in any way.

This is an important issue about which we are all very anxious. As I have said many times both in the House and outside of it, the existing salary levels of senior executives in banks are way out of line with appropriate and comparable norms in private sector employment. That is the reason the committee was asked to do this exercise. It has completed the exercise and decisions will be made in due course. The reference to the 35%, the abolition of bonuses, was contained as a basic commitment in the capitalisation of these institutions but this precedes the recommendations of the committee, which will now be considered by the Government.

With regard to Deputy Burton, I listen to her when she is discussing accounts but when she wanders into history I become worried because, of course, that famous cry, "In God's name, depart", uttered by one of Cromwell's supporters, led to the establishment of a military dictatorship in England for a period of a decade and a half. I hope her similar echo does not have a similar consequence for this country.

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