Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Ordinary bank employees would be quick to point out that they have not had much say thus far in the cuts to their pay and the changes to the terms and conditions of their employment. There may have been some consultation, but when it comes to pension changes, for example, unilateral decisions were made by the management of the banks. I acknowledge that a parallel industrial relations initiative is under way between the banks and employees' representatives. The Minister, however, is more than a passive bystander in this.

My question in this regard was very straightforward. The Minister said he is not neutral but that the savings have to come from remuneration. I am asking whether he will insist that those who are earning the most in the banks - the highest-paid executives - rather than ordinary employees, will bear the brunt of the pain. I accept what he is saying about profitability; it is a given that the banks must return to profitability. Nevertheless, a commitment was given regarding an interest rate reduction of 0.25%, to be facilitated by a reduction in costs. Costs are being reduced, but the promise to reduce the interest rate seems to have disappeared.

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