Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The Opposition has decided to deal with only one item. The review recommends the introduction of variable pay of up to €20,000 and for the provision of standard non-pay benefits for all employees in the three banks. There are 20,000 people working in the three retail banks. Why is the Opposition, including Sinn Féin, against ordinary workers in the banking sector from getting a pay rise? That is what the Deputy is saying and that is what she said this morning. If anybody is trying to kick the teeth of anybody else, she is kicking the teeth of the ordinary bank workers of this country.

John O’Connell, the general secretary of the union for workers in the banks, is saying very clearly that the lifting of the restrictions on variable pay and benefits will benefit ordinary bank staff. That is what he is saying and that is clear. Restrictions are causing difficulties with staff recruitment and retention especially in the new critical areas of IT and cybersecurity. Remember that the HSE is now estimating that the cybersecurity attack on its operations last year will potentially cost up to €100 million in the areas of compliance and legal functions.

They are competing with big banks in the international and financial services sector for many of these staff. It is interesting that nearly one third of workers who are leaving banks indicate that reward is a key reason for quitting. Between 40% and 45% of workers in the sector who have left have received variable pay as part of their package with their new employer. All of this is in the review. That is a key issue that the Deputy has simply ignored because she thinks that it plays well for her electorally just to talk about the top brass, the big banker-----

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