Brian Cowen (Laois-Offaly, Fianna Fail)

The statement makes clear the matter will be addressed within a month. In the meantime, apart from meeting with the public interest directors, the Minister will meet the board and existing management within the coming week and has outlined his views regarding the Government's arrangements in the building society for the future. He has indicated that the public interest directors alone will investigate this matter on his behalf and the public interest directors have the confidence of this House so to do in a way that will ensure an outcome that will comply with the legislative intentions of this House and within the law.

The question arises as to whether in fact a bonus arrangement was agreed by the board in respect of the chief executive concerned which predated the enactment of the State guarantee legislation. That issue must be established as well as the circumstances in which, if that were the case, it happened and, third, what legal options are available to us as a result. This can only be established on the basis of facts to be obtained by the public interest directors. It is a question of ensuring that we proceed in the proper fashion and make sure we achieve an outcome the Government is as anxious as anyone else to see, which is the return of the bonus concerned.

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