Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

I thank the Ceann Comhairle for choosing this topic.

This is the second time I have raised this issue with the Minister, Deputy Noonan. In light of the fact that Mr. Boucher, when appearing before the Joint Committee on Finance, Public Expenditure and Reform on 1 November 2012, showed what was nothing shy of a contemptuous attitude towards this House and our position as public representatives, it is fitting that we have representation at the Bank of Ireland meeting tomorrow.

There is no doubt that the banking licence application under the Central Bank Act 1971 defines responsibility for proper management and control of the credit institutions and the integrity of their systems as resting solely with their board of directors. Mr. Boucher joined Bank of Ireland in 2003 and became a director in 2006. He has been remunerated for his time as an employee, but surely to God we can question whether his appointment as a director benefited the shareholders and the State or was in breach of the Central Bank Act 1971. I am of the opinion that Mr. Boucher should be subjected to a shot across the bow. Every member of the public I have met would like to be at that AGM tomorrow. Many of them have never dabbled in shares and are not shareholders, yet they have felt the full brunt of the inability of the directors to govern the bank in a prudent manner that does not go against the interests of the nation. The people of Ireland would like to see a cap on remuneration and I think Mr. Boucher should be put in his place. He is one of the few remaining directors in the banks, of whom 55 have been removed since 2007. However, his position is something the people of Ireland believe is not worthy of the remuneration currently on offer. It also shows that there is a hangover in the bank from the old banking systems. The people of Ireland want to see a 15% execution. They want to say "No. Enough is enough." Let us get back to what is morally and financially correct.

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