Michael McGrath (Cork South Central, Fianna Fail)

We have all of the world's top technology companies in Ireland. I am not suggesting the Central Bank hire permanent staff and duplicate the work the banks are doing with their IT systems. However, it can bring in expertise from the private sector on a needs basis, which is what I am suggesting. The expertise is out there. The major risk factor in the Irish banks now is clearly technology. It was lending but that is not now a problem because they are not taking much risk. I am suggesting the Central Bank should go in there and do that work.

At the committee today, the CEO of Ulster Bank, Mr. Brown, had the cheek to say he might accept a bonus for the current year and he refused to rule out that possibility. That is absolutely ridiculous. It is rubbing the noses of its customers in it - customers who have been affected over the last two weeks and will continue to be affected for another number of weeks. Has the Minister a view on this? Would it be appropriate for Mr. Brown and senior management at Ulster Bank to accept a bonus given all that has happened?

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