Enda Kenny (Mayo, Fine Gael)

That reply is a complete and utter whitewash and the Taoiseach knows it. The Covered Institutions Remuneration Oversight Committee, which was set up by the Government and reported on 27 February 2009, warned the Government of what could happen here. Its report contained the following:

We consider that pension arrangements for top management should be reviewed. We have become aware of a practice in which cash allowances were paid to compensate for the effects of the "pensions cap" imposed by the Finance Act 2006. Pension schemes should reflect public policy and tax law and it is unacceptable that arrangements should be put in place which would be inconsistent with the intent of the relevant legislation.

The Taoiseach did not mention that the chief executive in question is getting €123,000 per year as a top-up in addition to what is happening here in respect of his pension. While the chief executive is receiving this €1.9 million top-up in his pension, the generality of the staff in Bank of Ireland are expected to take pension reductions and the rest of the public are expected to work years longer to pay off the debts of these banks, while thousands of people are scrabbling around to meet the repayments on their mortgages.

In addition, the oversight committee, set up by the Government for the purpose of advising it, stated: "Pension arrangements for senior executives in each institution should... be at least broadly similar to those applicable to the generality of the staff of the institution." The Taoiseach has acted outrageously here. At a time of economic crisis, this bank, a covered institution we have put €3.5 billion into, and about which public watchdogs may or may not have reported to the Taoiseach, expects the public to wear a situation where the chief executive gets a top-up of €1.9 million to his pension. It is outrageous and an affront to every person in this country. If the Taoiseach has any courage and gumption, he will invoke section 50.

The Minister for Finance agreed with these recommendations when he said they were appropriate. What is appropriate for the Minister for Finance is irrelevant to the Taoiseach when he says he will allow the board to top up the chief executive's pension by this order when the rest of the workforce is expected to take pension reductions and the population at large is expected to bow down under the crucifixion imposed by reckless and, as the Minister for Finance said, appalling lending decisions that the Irish taxpayer will be paying for in the years ahead.

Is the Taoiseach prepared to intervene and see that this top-up, which amounts to a pay rise, is reversed?

See this speech in context