Paul Coghlan (Fine Gael)

I second Senator Buttimer's amendment to the Order of Business.

We heard this morning and learned from the comments from both sides that the bonus culture is alive and well throughout Ireland and that it is particularly healthy in the public sector. This is very difficult to understand. I call for more transparency and accountability. I am particularly concerned about the NAMA bankers. I have spoken in the House on previous occasions about people employed in banks by NAMA on an agency basis. These are often senior executives who signed off on impaired loans and they are still managing these portfolios. However, now I have learned that NAMA is directly hiring senior executives of banks on extremely generous terms with bonuses and other incentives. There is significant comment in the industry about this practice. These people are managing to obtain two years' pension contributions for each year of service. This could be a further scandal. I ask that it be revealed what performance incentives and what bonus and pension arrangements are available for these people. We are all making a contribution, hopefully, to society and everyone is hard-pressed. What is happening is incredible. It needs to be corrected but there needs to be openness and transparency. This is scandalous and the Minister needs to lift the lid on these NAMA bankers. We need to know what NAMA and the National Treasury Management Agency are doing. They are excluded from the moratorium, they are allowed to do it but it should not be cloaked in secrecy. As another speaker said, if there is a genuine case for something, it is understandable but this is very hard to comprehend and appreciate.