Seanad debates

Wednesday, 1 October 2008

Credit Institutions (Financial Support) Bill 2008: Committee Stage.

 

5:00 pm

Photo of Liam TwomeyLiam Twomey (Fine Gael)

This amendment is somewhat similar to our amendment No. 4, which is not quite as restrictive as Senator Kelly's. The important issue on which we would like to hear the Minister's views concerns the rebuilding of capital in a bank receiving financial assistance from the taxpayer. It would be almost unethical if people received large bonuses, large dividends or whatever if the taxpayer was giving a huge loan to the institution. This is very much based on rebuilding the credit and the capital of the institution as well as for reasons of ethics. The taxpayer should not see people receive huge remuneration or bonuses while restructuring is going on.

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