Dominic Hannigan (Labour)

Senator Boyle mentioned new people, new cultures and new ways of acting. This is exactly what we want but are not getting from this Bill and announcement. In my brief contribution I will discuss how I think we should have been dealing with the banks.

Regarding the current board, other Senators mentioned that the reality is that those who got us into this mess will stay in this mess. Furthermore, we will not really cut their salaries because a cut of 33% does not mean much when one is earning €500,000. It was stated in the speech that total remuneration for all senior executives will be reduced by at least 33%. We looked for a cap of approximately the same level of salary that the Minister for Finance, Deputy Brian Lenihan, draws. It would be much more appropriate.

There is also no mention of options in the speech, from what I can see. We do not think it would be appropriate to give senior executives options because of the risk that they would engage in some inappropriate egging on of the company. I would like the Minister of State to clarify a point. The speech states that total remuneration for all senior executives will be reduced by at least 33%. Does that mean that each individual's remuneration will be limited? Can he clarify that it is not the remuneration of the entire board that will be limited by 33% cuts, which would mean that some would not be subject to the reduction? Does the Minister of State understand what I am getting at?