Enda Kenny (Mayo, Fine Gael) | Oireachtas source

He is the Minister who, on behalf of Government, put in place the process to try to do something about a situation which was inherited by the Government because contracts were approved and signed off by the previous Fianna Fáil Administration and because of that process, the Government commissioned a report into bankers' pay, conditions, salaries, pensions and so on. That report was conducted by Mercers and it reported to Government. The Government made its recommendation through engaging with the Minister, the Department of Finance and the banks and because he has that process in train, he expects to have the recommendation responded to in the next two weeks. My understanding is that there will be a substantial and significant contribution from the leadership of banks in respect of pay and pensions. That is something that everybody here would welcome. These banks are only in existence because of the taxpayer and it is right and proper that Government would force and require banks to reduce their cost base in order that they can become solvent again and play a part that they should be able to play in the development of our economy for the times ahead.

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