Mick Barry (Cork North Central, Solidarity) | Oireachtas source

Unfortunately, the Minister’s very weak position on this issue is encouraging other senior bankers who want to drive a coach and four through the banking cap and find a way around it. At the Oireachtas finance committee recently, the CEO of Bank of Ireland, Ms Francesca McDonagh, was not prepared to discuss her bank's interest in Davy and what would happen if it was to purchase Davy, but was prepared to discuss a theoretical situation where the bank would acquire an entity, which we agreed to call entity B. She made precisely the point that if Bank of Ireland acquired entity B, it would be in favour of keeping the high rates for entity B and allowing executives from Bank of Ireland to transfer over and to avail of those rates as well, subject to the Minister's agreement. It would be kind of hard for him to oppose it when he has given it the green light this time around.

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