Results 3,281-3,300 of 32,527 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: My officials have reminded me that at that point the guidelines will also be shared with this committee.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: It was not published because it did not lead to a recommendation coming to Cabinet but I will certainly consider whether it should be published now.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I have always performed in a decent way in front of this committee over a number of years. I am well aware of my obligations to this committee from a democratic point of view and have always sought to fulfil them. I thank Deputy Doherty for informing me of the very recent decision of the committee to request a copy of the report. I can commit to giving the request careful and quick...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: We do need to be vigilant. If the Oireachtas agrees to the passage of this legislation, then it will be a further step forward in how we regulate and guard against risks. I take some heart from the fact that we went through a pandemic that put such a strain on people who had loans with banks and were in relationship with banks, particularly SMEs. While the massive financial support the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: Regarding the scenario that is on my mind and that I believe will grow in the time ahead, I will pick IT as an example. My decision yesterday provoked a debate. I understand why and I have a duty to engage in this debate. It tends to be seen through the prism of bankers' pay in the context of people who are already earning a lot of money and who the public may feel will now gain very large...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: To the best of my knowledge there is no legal impediment to doing this. I have several points to make on this issue. I am glad the debate has brought to light the pay structures in our banks. The reality that a very large number of the staff we are discussing do not earn very large amounts of money, although some do earn good salaries and I acknowledge that. This decision will be very...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: It is a positive shift in stance from the Deputy, which I appreciate. Indicating his support for the principle of this up to a certain wage level is an honest admission of the challenges that are there at present. We encountered two difficulties with regard to the €100,000 threshold in this regard. Bearing in mind that those who earn more than €100,000 in our banks...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: It is always up to the voters or viewers to form a view on what the most important thing that has been said in this committee is. As a humble member of this committee it is a significant development that, given the Deputy's views on capitalism, he has said he would be okay with bonuses of up to €100,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: That was a genuine slip of the tongue, which I apologise for.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: The following is what I thought I heard the Deputy say. In fact it is what the Deputy said. He said a few minutes ago that he would be okay with bonuses for workers in our banks who are earning up to €100,000. That is important because it indicates that, given the Deputy's commitment to overthrow capitalism, even with that commitment his statement shows how the sands and background...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: But the Deputy is open to somebody who is earning €95,000 earning variable pay in a bank.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I am not required to bring, nor will be I bringing forward, a Dáil resolution on the matter. Under the current legal framework it is a decision I make myself, with the consent of the Government. I have to get the agreement of Government, which I did yesterday. However, I have little doubt that there will be many other opportunities to debate it in the Dáil and for the matter to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: As Deputy Barry knows, as a shareholder in a bank, neither I or the State are allowed to be involved in commercial decisions the bank makes. That is the nature of the relationship framework agreement we have with three banks. We have not been involved in any discussions on pay or the pay negotiations that are under way. That is led between management and unions. The State has played no...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: -----and to make such an assertion is wrong. Finally, I will go back to the point that there has been a revelation this afternoon, which is that Deputy Barry, the man who wants to overthrow capitalism, said he is open to a discussion on variable pay. That shows a recognition of some of the issues this decision yesterday aimed to address.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I thank the Deputy for his contribution. He made reference, as he has done on a number of occasions, to the letter Philip Lane sent to me in 2019. He quoted selectively from page 2 of the letter. Did he have a look at what was stated on page 3 of the letter? If he did not, I will read it out to him. Page 3 of the letter he has quoted copiously from over recent days states, "Against this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I will answer the Deputy's question-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: -----and maybe we will then get into exactly what the Sinn Féin stance on this is. The letter also acknowledges that, "There is a risk of losing staff in critical functions or with specialist skills in the areas of IT, risk, compliance and related functions to firms that are not subject to remuneration restrictions." I never heard the Deputy quote that line.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: The letter goes on to state that, "The incorporation of variable pay into remuneration packages would also allow banks the flexibility to vary their costs in line with economic circumstances or business needs." The reason I begin with reminding the Deputy of elements of the letter-----