Eamon Gilmore (Dún Laoghaire, Labour)

When the Minister for the Environment, Heritage and Local Government appointed the individual concerned as chairman of the Dublin Docklands Authority, was he aware that these matters were already under consideration by the Revenue Commissioners and that they had given rise to the change in legislation the Taoiseach described? I do not understand why the investigation of the payment to Mr. Fingleton has to take a month. When the United States Government discovered very big bonuses were being paid to people in AIG, it did not take a month to deal with it. Taking a month here means deferring a decision until after the budget and Easter, and putting it into Never-Never Land where matters under investigation are overtaken by other events.

On 30 September 2008 Deputy Burton proposed specific amendments to the bank guarantee legislation to the effect that caps should be placed on the remuneration given to the top people in financial institutions. The Minister for Finance assured her that there were sufficient powers in the Bill he presented to deal with any eventuality of this kind. Section 5 of the Act provides that "The Minister may, in respect of any difficulty that arises in the operation of this Act during the period of two years ... make regulations to do anything that appears necessary or expedient". The Act goes on to provide that in circumstances where the institutions concerned do not comply with such directions and rulings by the Minister for Finance, he could withdraw the financial support and guarantees given to these institutions.

The Minister for Finance has the power to require that these bonuses be repaid and to ensure that whatever other steps to deal with it are taken. Why are we waiting a month for this? Facts are easily established. What payment was made? When was it made? Who authorised it? Was any clearance sought from the Minister or Department of Finance or the Financial Regulator? Was it cleared by the board? It does not take a month to establish these facts. This must be dealt with speedily because the public, which is being asked to shoulder the burden of the difficult economic circumstances, needs to have it addressed before the budget. The international financial markets, which do not look very favourably on this country or our banking and financial system, need to see that our Government is dealing with this quickly. The Government should not be looking for a report in a month's time when it might be considered and dealt with on a méar fada basis. The Taoiseach should deal with it quickly. The power to deal with it is in the legislation and there is no justification for delaying for a month.

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