Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I have asked that payroll costs be reduced by between 6% and 10%. I am interested in reducing the cost base of the banks for all of the reasons of which everyone is aware. I am not as interested in retribution or vengeance as Deputy Pearse Doherty. That is a different objective.

We have received the first round of replies from the banks. These deal with a range of issues. The banks are negotiating internally. As they do so, they will keep me informed. I will inform the House of the result of the negotiations after they have concluded. The principle is one of a reduction in payroll costs of between 6% and 10%, as the banks that were kept alive by the taxpayer cannot be exempt from cutbacks that are being applied elsewhere while the taxpayer is taking pressure across a range of expenses.

See this speech in context