Shane Ross (Independent)

I wish to ask the Leader for a specific debate on this matter. There is a cartel in operation whereby those involved with the banks go to their AGMs and vote for each other. I regret to say that we will not be pacified by the fig leaves being offered by the Minister for Finance.

I agree with what Senator Leyden said yesterday and today. Directors offering to take tiny drops in salary is farcical. Mr. Sheehy, who apparently continues to enjoy the confidence of the Minister for Finance - God knows why - is going to take a salary reduction of 33%. If that is correct, he will only earn €1.5 million next year. The man who landed us in this appalling situation is going to receive €1.5 million and the remaining members of his bank's board will remain in place. The chairman of Bank of Ireland, Mr. Burrows, who earns in excess of €500,000, will remain in place next year. It cannot be stated that this represents a change in Irish banking because it is merely more of the same. It is time a fundamental change occurred. What is being done is window dressing and it is totally unacceptable.