Alan Kelly (Labour)

I move amendment No. 2:

In page 1, before section 2, to insert the following new section:

"2.—It shall be a condition of an application under this Act for financial support that an applicant shall agree not to offer to any of its officers or employees any share options during the currency of financial support and to limit the gross annual earnings of any of its officers or employees to not more than the gross earnings of the Minister for Finance during that period.".

This is a very important amendment and we hope the Minister will accept it. We would like to support the Bill and such support would be conditional upon the amendment being accepted.

The amendment refers to the "gross earnings of the Minister for Finance" and there are ways of discovering what might be those earnings. Everyone is discussing the massive earnings enjoyed by many bank executives. The executives of the six banks covered by the Bill were paid €17 million between them last year. That is a humongous figure. If we are to bail out the banks — I know the Minister hates that phrase — surely we should put in place a mechanism to ensure the massive pay and perks enjoyed by bank executives will be limited in some way.

There has been a great deal of debate regarding share options and the impact these have had on the performance of some of the executives to whom I refer and to the banks for which they work. The amendment suggests that the issuing of share options should be controlled.

This is a very important amendment. I accept it was pushed to the limit in the Lower House. However, the Minister has had time to reflect further on the amendment and I ask him to accept it. It is designed to act as a control mechanism. It would help restore a little goodwill towards the banks and show they are willing to give something back.