Maureen O'Sullivan (Dublin Central, Independent)

The Minister for Finance informed us a week ago that Irish banks had repaid €68.8 billion to senior bondholders and €1.4 billion to subordinated bondholders as their full debt fell due under the two-year blanket guarantee. Why? They gambled and took risks, knowing that loss was part of that. Yet we are cushioning that loss and, in the same breath, we are reducing the national minimum wage. Those on the minimum wage, the working poor, low-income families with children and people on social welfare are all being hit with tax increases and cuts in child benefit and rent supplement. They will be also affected disproportionately by other aspects of the four year plan, with reductions in funding for education, health care and the community and voluntary sector. Organisations that work with those people are expressing their concern. The Society of St. Vincent De Paul says there has been an increase in calls of up to 50% in certain regions. Figures from the Central Statistics Office for 2009 show that levels of consistent poverty rose in 2008, as did the number unable to afford basic requirements. That was before the impact of the 2010 budget, never mind this one.

While we are talking about cutting the minimum wage, we are also talking about bonuses. Which part of the words "recession", "downturn" or "economic disaster" are not understood by those giving and receiving bonuses? The word "bonus" should not be in our vocabulary for the foreseeable future, and I call again for bonuses to be eliminated. We are told there was justification for a bonus for those whose salaries were cut by 17%, but where is the equivalent treatment for those taking cuts in the minimum wage and social welfare? We were told that those showing exceptional merit in the Department of Finance deserved an extra bonus, but real exceptional merit will be shown by those on low and middle incomes, on social welfare and on the minimum wage in coping with life.

High salaries, bonuses and expenses are alive and well because of the lack of a real social conscience in this House. Sacrifices are being asked of those on social welfare, those on the minimum wage and those on low and middle incomes, but they are not being asked of the corporate sector and the rich elite.

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