Mary Upton (Dublin South Central, Labour)
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Question 101: To ask the Minister for Finance if he will introduce legislation in line with his European counterparts to levy a punitive tax on bank bonuses over a certain amount; his views on whether this will not be an issue in the short term, but in the medium to long term this will help prevent further bank induced crises here; and if he will make a statement on the matter. [47299/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am aware of the provisions recently introduced in the UK where a 50 per cent payroll tax is to be applied to certain banking, investment and financial trading companies in respect of any all bonuses larger than £25,000 awarded by them between 9 December 2009 and 5 April 2010. I am also cognisant that other countries have signalled their interest in introducing similar provisions. However, I have no plans to introduce such measures here at this time. Where banks have received State support in the form of guarantee or recapitalisation, this has been conditional on restrictions on top level pay and bonuses. The question of how to regulate the financial system to prevent future crises is being actively debated in the EU and elsewhere. We will update our regulatory and other systems in line with best international practice at the appropriate time.