Rónán Mullen (Independent)

I listened with interest to what Senator O'Toole had to say. The point on which we all agree is that there needs to be clarity about the bonuses people are getting, the precise mechanism by which they get their bonuses and what is required for them to get the bonuses.

Senator White is right to bring forward this recommendation, but there are certain problems with it. I tend to agree with the Minister that it does not seem to be the place for it, although I note that the relevant constitutional section on a money Bill provides for the inclusion of matters subordinate and incidental to those matters at any time. Therefore, the Minister was probably right in expressing a degree of caution as to whether such a recommendation would change the status of this as a money Bill.

The recommendation essentially reflects public disquiet, to the say the least, at the payment of bonuses to officials and employees of banks who manifestly did not deserve them, and who have done damage to the public. This is a recommendation that effectively seeks to provide for some kind of reporting exercise. Dating it back to September 2008 raises issues of retrospectivity as well. These are not necessarily serious issues, but it is designed to reflect public concern. I would like to see the substance of this recommendation in the legislation, but I am not sure this is the place for it.