Joe Costello (Dublin Central, Labour)

The Minister has announced that there will be a 90% tax on such bonuses in the future. He cannot deny that fact. However, he is not willing to do it now with regard to the €40 million that will be paid out. I ask that the Minister table an amendment to the Bill, in keeping with its title of emergency measures in the public interest. Surely this is an emergency measure in the public interest. He should impose a tax of 90% on all bonuses, including the current bonuses. Everybody on this side of the House would support such an amendment unanimously. The bonuses are due to be paid out to the executives by 17 December so this is the only opportunity for Members of this House to take a stand on behalf of the Irish people and to say that we who were elected to represent the people will stand with the people and not tolerate this smash and grab. It is not too late for the Minister to do the right thing and I urge him to do just that. We will support him in every way and there is still time. Unfortunately, this budget protects the elite in our society, many of whom are associated with the financial institutions which have destroyed our economy and are threatening our social cohesion. This is a bad and dangerous budget. It must be opposed and the Government which produced it must be put out of office as quickly as possible.

See this speech in context