Shane Ross (Dublin South, Independent) | Oireachtas source

My question about banking pensions is a follow-on from the Taoiseach's comments. When the Minister for Finance, Deputy Noonan, said he could do nothing about it, legally and technically he was correct. It would be interesting if the issue faced a challenge in the courts. If we cannot do anything about the past, why can we not do something about the current situation? Three prominent bankers appeared before the Oireachtas Joint Committee on Finance, Public Expenditure and Reform last week. One of them, Mr. Richie Boucher, receives €620,000 a year; another, Mr. Mike Aynsley of IBRC receives €866,000; and the pauper of the pack, Mr. David Duffy, receives €500,000 per year.

The Government can do something. All three of the banks have remuneration committees that approve these outrageous salaries to bankers. Representatives of the Government sit on the remuneration committees in the form of public interest directors. The chairman of the Bank of Ireland remuneration committee is Mr. Joe Walsh, a former Minister with responsibility for agriculture. This means Mr. Walsh has approved the sum of €620,000 for Mr. Boucher and his pension. It also means Mr. Walsh approved the payment of approximately €400,000 per year, or €8,000 per week, to Mr. Archie Kane as governor of the Bank of Ireland. By proxy, the Government has approved it.

I ask the Taoiseach whether the public interest directors have any interest in the public. The public and the Government cannot possibly approve of these payments. I hope this is a constructive suggestion. The Taoiseach should consider calling in the public interest directors representing the Taoiseach, me and the people to tell them the Government will no longer tolerate payments of this kind and that it requires the heads of banks not to be paid a red cent more than the €169,000 paid to the Minister for Finance, who has responsibility for all banks.

See this speech in context