Joe O'Toole (Independent)

I support the points made by Senator Fitzgerald. It surely is the case that there are specific issues which are driving ordinary people berserk, including the Fingleton million and the €1 million plus bonus paid to the chief executive officer of Bank of Ireland. I want to put on the record of this House and people should know that the Government has explained this by saying it was contractually bound to pay this money, which I understand. I must, however, put on record that the chief executive officer of every semi-State body in this country had similar contractual rights to a bonus and, as far as I am aware, every one of them voluntarily gave up their right to that bonus this year. As far as I am aware, that is what has happened in all of the semi-State bodies in respect of similar contractual obligations. I believe moral pressure should be applied to have this matter dealt with. The Government is correct. I have no doubt there was in place a contractual obligation. However, that does not mean the Government should not make perfectly clear where it stands on the matter so that ordinary people can share that view.

It is important to recognise that the Financial Services Authority in the UK has commenced an investigation into Goldman Sachs, a bank described by the British Prime Minister as being morally bankrupt. This is a bank which, for instance, has in recent times put together products for ordinary investors, products made up of investments, information on which was that they would fail. Having induced ordinary innocents to invest in those products, Goldman Sachs, as a bank, then took a futurist bet on that failure. In other words, it was winning both ways. The British Government has decided it will have no more to do with that bank. I would like a guarantee from the Irish Government, which is the reason I support Senator Fitzgerald today, that we will not be tainted by any involvement or investment in any products, services or consultancies provided by Goldman Sachs.