Ivana Bacik (Independent)

I support this very important amendment. As the Minister said, part of the problem we now see is as a result of a disproportionate reward of excessive risk-taking by some bankers. I accept what he said that not all bankers were reckless. However, it is clear there were bankers who were reckless and who were disproportionately rewarded. That is politically unacceptable and, as Senator Kelly said, people are very concerned about it.

If the Minister does not accept this amendment, he might tell us if it is proposed to insert in the scheme he will bring before the Houses, a measure to control the share option offers and the earnings, perks and so on given to senior officers and employees.

The Minister said it is envisaged the scheme will provide for a representative of the public interest to be placed on the boards of institutions which seek financial support. That representation might be one way to ensure controls. I ask that the representative to be placed on the boards of such institutions be a representative of the Financial Regulator.