Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

They have to be brought under control. When the Minister of State, Deputy Brian Hayes, referred yesterday to a Government decision, that Government decision is to support and to seek the implementation of the report that has come from Mercers on pay in the banking system. The Government has commissioned an independent analysis of pay scales and pension packages in the banks. It has recommended that there should be reductions across the board of between 6% and 10%. Our view is, and mine certainly is, that the highest level of reduction needs to come from those who are on the highest levels of pay. It is not about any one individual; it is right across the banking system. We have put in place a cap on pay. We have banned the payment of bonuses. We are hugely conscious as well that we live less than an hour's flight time from the biggest financial centre in Europe and that is why we have worked at European Union Presidency level to put in place a restriction on bank bonuses across the European system, which I believe will help in controlling bankers' pay in this country as well.

Let us be very clear about it. The Government is clear that higher pay levels in the banking system need to come down. We commissioned a study on that, which we have received. We support it and we are awaiting the response of the banks to it. I hope and expect that they will respond positively to that report.

See this speech in context