Eamon Gilmore (Dún Laoghaire, Labour)

The Taoiseach is head of the Government that now owns a bank which, having apparently made €14 billion losses in the past 15 months, has just announced it has given a pay increase to some of its staff. The Taoiseach cannot tell us the size of the pay increase and will not tell us the size of the losses, yet he comes into the Chamber and tells us that this has nothing to do with anything, it is a bank and, therefore, is a matter for the management and the board. This is of public interest.

I can refer to another provision so that the Taoiseach can do something about this, namely, the legislation that nationalised Anglo Irish Bank. The Anglo Irish Bank Corporation Act 2009 states the Minister may give a direction in writing to Anglo Irish Bank, requiring it to do, or refrain from doing, anything which, in the opinion of the Minister, is necessary or expedient in the public interest. Will the Taoiseach ask the Minister for Finance today to give a direction to this bank to refrain from paying these increases until we find out officially how much this bank has lost in the past 15 months and how much more of the taxpayers' hard earned money it will come back to look for and at least until the matter can be considered in the normal way? It is very easy to say it is a matter for the management and the board. The management and the board are not putting up the pony here. It is the taxpayer who is putting up the money for the losses and the extra pay. The Act that allowed the nationalisation of Anglo Irish Bank gives the Minister for Finance the power to give a direction in this situation.

I have a direct question for the Taoiseach. Will the Minister for Finance today give a direction to the bank not to proceed with those pay increases until, at the very least, we find out the full story about this rotten bank and the extent to which the taxpayer must pony up for it?

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