Paul Kehoe (Wexford, Fine Gael)

Let that message go out loud and clear to him this evening. That man was out of touch for the past number of years. It annoys me, as a public representative, to consider what happened in the Galway tent with developers who gave €1,000 for a plate of dinner. Holy divine God. When people are hardly able to afford a plate of dinner it is extremely annoying to see developers paying €1,000 merely to have dinner with a Minister or a Taoiseach to get favours from them. That is exactly what happened. They got favours and that is the trouble now. People outside this House are equally to blame because they returned Fianna Fáil to power year after year.

Very many people have been blamed for the position they now find themselves in but I feel sorry for them. The person whom I really feel sorry for is the hard-pressed taxpayer who must pay for the mistakes of this Government. It is annoying to see what is happening to the ordinary taxpayer who is worried about putting a son or daughter through college, paying the mortgage and putting food on the table. This person is paying for the mistakes of bankers, developers, the Financial Regulator, and, to a lesser extent, the Governor of the Central Bank, John Hurley. Mr. Hurley took a softly-softly approach in which everything was okay when it was not. It has to be one thing or the other. He was afraid to bang on the door of the Minister for Finance and say we were in trouble, there were red lights and we should take action. He was afraid to tell the Minister what the situation was. The Financial Regulator, Patrick Neary, was paid an enormous salary and was there to do a job which he did not do very well. From a layman's view, this was the man who should have reported to the Minister for Finance and the Taoiseach of the day, Deputy Brian Cowen. These people have a great deal to answer for. We are going though the present situation because of their reckless behaviour. If one compares Ireland with Canada or Spain, those countries are not in the position we are in because they took action and had regulation in place. They did not let things or people get out of control because they had stricter regulations.

Regarding borrowings and people getting 100% mortgages, that was great at the time. People had the new house, the tarmacadam, the new car and everything of that kind. This Government has not listened to layman's language in recent years. It is great to receive 100% mortgages but not great when one has to pay back and times are tougher.

A constituent came to me some weeks ago who was unable to afford to pay his mortgage and was afraid to face the financial institution which had given it to him. I set up a meeting with the bank, whose name I will not mention. At the meeting the bank told him that if he missed four staged payments it would be obliged to bring him to court. That would take perhaps four to six months and he would then be evicted from his home because the bank would take it from him. At the same time, Messrs. Fitzpatrick and Fingleton can walk away with golden handshakes, not at all worried about the people who are unable to pay their mortgages. I realise I am not talking about the NAMA Bill now but I am saying what the layman on the street is saying about Fingleton and Fitzpatrick. These are two of the biggest gangsters ever involved in banking institutions and because of them we have to bring forward the NAMA legislation. There is one law for the rich and another for the poor. That is the only way I can describe this.

Prior to the nationalisation of Anglo Irish Bank, speaking on "Morning Ireland", Mr. David Drumm, the former chief executive officer of that bank, said that merging with another bank had not been on the bank's agenda. He also said the bank's executives would see a pay cut next year, no bonuses would be paid and salaries would be frozen. He said this would result in a 50% to 60% cut in annual remuneration for the bank's top management. I have a question for the Minister of State, Deputy Tony Killeen, and his officials and I would like the Minister to address the issue tomorrow in his closing remarks. What salary cuts, bonuses and pay freezes have occurred among the top management in the five banks covered by the NAMA legislation since it was decided the Government would look after those banks? People in the private sector have taken severe pay cuts.Workers in the public sector have taken a pay cut, even though it might have been an indirect one via the pension levy.

Tomorrow evening I want the Minister for Finance to address a matter of the utmost importance. What pay cuts or pay freezes have been taken or accepted by top management in all of the banks covered by the Government guarantee? Have they received bonuses? The former Taoiseach, Deputy Bertie Ahern, will never be President. The people are waiting and will have the last say on that man.

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