Michael McCarthy (Labour)

I support Senator O'Toole's contribution in respect of the controversial statutory instrument that places an unfair financial burden on many independent radio stations nationwide. Were this proposal to go ahead, it would be absolutely insane. A Labour Party proposal was made at the Joint Committee on Communications, Energy and Natural Resources last week, which even was supported by some on the Government side, which called for the annulment of the aforementioned statutory instrument. This would be the sensible thing to do. In the current climate, we must be conscious of and examine seriously any Government proposal that could result in job losses.

I wish to raise the issue of the annual report of AIB, which was published just before lunch. As I told the House last week, the bank got €3.5 billion in taxpayers' money. Last year, it paid its top executives €3.6 million. The ex-chief executive officer's salary was nearly €900,000, the managing director received €833,000 and the former chairman picked up €203,000 for his endeavours at the bank. This is shameful. When we eventually have a debate on banking, will the Leader bring the Taoiseach to the House? This is Government policy. Unfortunately, the obsession is not with job creation or protection. Rather, a morbid obsession with the banks has seen €3.5 billion of taxpayers' money being given to a bank that pays the sums mentioned to its top executives. It is disgraceful and despicable. Many people are losing their jobs while the banks are throwing people out onto the streets. Those who have jobs are not guaranteed job security in the current climate. We need an element of reality. We need the Government to stand up to banks. I would welcome the debate whenever it is held. I urge the Leader to arrange for it with due haste.