Derek Keating (Dublin Mid West, Fine Gael) | Oireachtas source

I am happy to share time and to speak on this motion. It is a difficult motion and in the short 18 months during which I have been privileged to be a Member of this Dáil, I have spoken on Dáil Private Members' business but seldom have I pondered and reflected so much on the issues at the heart of this motion. That is because of what has been referred to as the unjustifiable, exceptionally overstated and disproportionate pensions earned by some former bank officials and chief executive officers. The Taoiseach has previously referred to the moral responsibility on some of those former chief executive officers with the banking sector who retired with these exceptional pensions. As a Member of the Dáil, I will not stand here and defend those extraordinary pensions. I recall the words of Einstein, who said that example is not the best way to teach others, it is the only way. As an individual Member of the Oireachtas and of the Government, I intend to explore every single avenue to ensure that these people, despite legally binding contractual arrangements, play their full part in our national recovery. That is the overriding commitment of this Government.

In general terms I support much of the intent of the motion except that it is not well drafted. It is not fair and balanced. I would go further and say it is dishonest. It does not take account of the work being done by this Government in a short period of 18 months. It does not take account of the significantly reduced costs of running the Government and public service, including commercial chief executive officers, having their pay reduced and capped. Deputy Mattie McGrath did not mention the fact the Government decided in its first day in office to reduce the pay and pensions of the Taoiseach, Ministers and Ministers of State. A voluntary waiver of up to 15% has been introduced for post holders with salaries in excess of the relevant pay ceilings. Perhaps it was deliberately left out of the motion that public service pay and pensions have been reduced through a public service pension levy of up to 20% at the top rate for pensions in excess of €100,000. Significantly, in the last two years, €2.5 billion has been saved in public service expenditure.

Deputy Mattie McGrath is a survivor of the cabal that put the facilities in place to protect the high earners. I include him with Bertie Ahern, Brian Cowen and others who orchestrated the structures that protect those who are in this situation now. He cannot separate himself from that as the person who penned this motion.

On this issue, I believe the Minister for Finance is legally restricted. That is why we have an Attorney General, to advise the Government. If it did not take that advice, there could be further financial costs to be borne by the people. God knows, there are enough of those already.

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