David Cullinane (Sinn Fein) | Oireachtas source

Four years ago this week a motion was tabled in the Dáil, supported by Fine Gael, the Labour Party and Sinn Féin, calling on the then Fianna Fáil-Green Party Government to reduce bankers' pay, bonuses and pensions to ¤250,000. The only people who opposed the motion were Deputies Micheál Martin and Michael McGrath and the now Senator Thomas Byrne, members of Fianna Fáil and the Green Party. Four years on and two years into the life of this Government, the publication of the Mercer report shows that bankers' pay, bonuses, pensions and total remuneration packages have increased over the past two years. People in negative equity, who are really struggling, have to look on at the lottery-type figures that these guys in banks that were bailed out with taxpayers' money are receiving. This not just a cause of irritation; it angers people that senior bankers in banks in which we have shares, albeit a minority holding, receive these sums. It is absolutely wrong. During the course of that debate, Deputies Kenny and Gilmore accused the Fianna Fáil Government of bottling out of dealing with bankers' pay, yet four years later and two years into the life of their Government, we still see these excessive levels of pay. When will we see action on this issue? It is important that we have a debate on this.

I support the calls made by other Senators about other issues affecting people. When people receive their property tax notices they will look at the excessive salaries of these bankers and former politicians who caused the problems and will not see any real action taken to deal with them, yet they will have to pay property tax and suffer the tough budgets. It is not on. It is about time the Government delivered on the commitment its party members made when they voted for that motion in the Dáil four years ago and stood up for the people. It must ensure that the people who run the banks that were recapitalised with taxpayers' money are on fair and acceptable salaries. I ask the Leader to arrange for a debate on this important issue.