Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I thank the Minister for his response, albeit a disappointing one. Does the Minister remember voting to legislate for a €250,000 cap on bankers' pay in the covered institutions? Can he recall pressing the button on this side of the House and believing that it was the right thing to do? We have finally had sight of the Mercer report on high-level bankers' pay that was promised for the past two years. Some €120,000 later we have now seen it. Last week, it was announced that Mr. Richie Boucher has taken home €843,000.

The Minister's response to the Mercer report is that the banks must reduce their payroll costs, which does not target those whom he believed just a few years ago, when in Opposition, should have been capped. There are many in the banking system who did not cause the crisis and were not in Mr. Boucher's position in 2008. They are now under fierce pressure because the Minister has announced that there has to be a payroll reduction of between 6% and 10%. As we know, payroll reductions can come in many forms, including efficiencies or staff reductions.

Why has the Minister not dealt with the 6,400 staff who are earning above €100,000 per annum, the 165 top officials who earn in excess of €200,000, the 55 who earn over €300,000 or the 28 who earn over €400,000? When Fianna Fáil defended the €500,000 cap for bankers' pay, the Minister - who was in opposition - accused the then Minister for Finance of bottling it. May I say, with all justification, that the Minister has bottled it when it comes to bankers' pay.

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