Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Minister for Finance, Deputy Michael Noonan, on behalf of the Government, put in place the process of independent analysis of the pay scales and pension packages of bankers. As I said, this issue was reported on to the Government by Mercer. The Minister has also made a recommendation on behalf of the Government that banks reduce their cost base by between 6% and 10%. He expects to receive a response in this regard in the next couple of weeks. As I said, it is expected that it will include a substantial contribution from the leadership of the banks. It is important that everybody understand the banks are an important part of Ireland's financial economy. They are not making money and would not be in existence but for the taxpayer. It is important that the Government squeeze the banks and require them to reduce their cost base.

See this speech in context