Brian Cowen (Laois-Offaly, Fianna Fail)

I assure Deputy Gilmore that efforts were made in this matter in November 2010, after a final judgment was granted or entered in the case he mentioned. Earlier this month, after the recapitalisation of the banks had been agreed in the agreements with the IMF and the EU, the Minister was able to find a means, through the letter he provided, of making it clear to the bank directors that they would be acting in the best interests of the bank if they were to accede to his view. He made it clear that although there was no requirement for them to obtain his prior consent, which could not be conferred or inferred in respect of any decisions they might take on the matter, they would have his consent. It was not required. This approach provided a legal basis upon which the bonuses may not be paid, or would not be paid. Whereas the judgment in the case of Mr. Foy is a matter of a court order and has to be paid, my understanding is that the other cases which are in process have not yet been paid. It is important for us to deal with this matter as expeditiously as possible, therefore, to provide as much legal justification as possible for the decision we are seeking to have effected, which is that these payments will not be made. I understand that in October 2010, AIB informed the Department that 91 employees had initiated legal proceedings in either the Circuit Court or the High Court, depending on the individual amounts involved, with the first case scheduled for 3 November 2010. It is clear that the employees in question are the people to whom this set of proceedings relates. As Members are aware, the liberty to enter a final judgment from the Master of the High Court in respect of the individual concerned was done in November 2010. I do not have a date for that.

See this speech in context