Dan Boyle (Green Party)

I accept what the Minister says about the drafting of this recommendation. However, the effect of what it is trying to achieve is what already exists in company law for publicly listed companies, that the payment of bonuses for directors, in particular, must be part of the annual reporting process. Now that many of these institutions are State institutions there should be something in our legislation that requires the payment of such additional moneys to be made publicly known, and not only the amounts that are paid but also the reasons such payments are given.

Much of the public frustration that currently exists is due to the existence of bonuses or the suggestion that they be paid in a time of obvious managerial crisis in many of these institutions. If the Minister is correct about the effect on this being a money Bill, perhaps there will be an opportunity on Report Stage, given that we are discussing it on Committee Stage, for an appropriate recommendation to be considered in the context of section 3 of the Bill, where the welcome changes regarding the universal service charge, USC, and the 45% rate added to the 41% rate and the 4% rate of PRSI achieve the 90% clawback on bonuses if paid, could also contain a declaration that people who come under this category should be publicly named as being part of the institutions that are covered by the eligible liability guarantee scheme. Such a measure would go a long way towards restoring public confidence which is badly lacking in this area.