Seanad debates

Thursday, 8 November 2012

10:50 am

Photo of David CullinaneDavid Cullinane (Sinn Fein) | Oireachtas source

I support the call by a number of Senators this week for a debate on banking. There is no doubt that the people are outraged because of the pensions being paid to retired bankers who were the architects of many of the problems this country is facing. These people were responsible for very sharp practices in the banks which led to the collapse of the banking system and forced the Government - against its will - into a bank guarantee that we now know was a disaster for the people. We are still picking up the pieces, yet these are the people who are walking away with Rolls-Royce pensions over and above what most average workers cannot even imagine ever getting.

It is not only bankers who are given these massive pensions because politicians also get such pensions. Senator Whelan made a very important suggestion about capping pensions at ¤65,000. He will remember that the Minister, Deputy Brendan Howlin, brought forward proposals to reform pensions for senior officeholders. Sinn Féin supported some of these proposals. It was proposed that pensions would be calculated on career earnings rather than on final salary. Sinn Féin proposed a number of amendments seeking to cap pensions at ¤65,000 and those amendments were rejected by Senator Whelan and everyone in this Chamber who voted against them. We have to be consistent on these issues.

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