Government must demand all senior bankers bonuses for last three years be returned
Speaking ahead of tomorrow's government’s cabinet meeting Sinn Féin Economic Spokesperson Arthur Morgan TD has called on the Taoiseach to demand that "the banks not get a single penny of tax payer's money until senior banking executives pay back all of the bonuses they collected over the past three years along with at least 50% of the money they collected from their salaries."
The Louth TD said:
"Sinn Féin has repeatedly expressed serious concern regarding the effectiveness of the government's recapitalisation plan. If this course of action fails to stimulate the desired economic activity by putting credit back into the economy there will be disastrous consequences for the tax payer. The government's terms and conditions for the €7 billion recapitalisation of Bank of Ireland and AIB must contain real protections for vulnerable home owners and mechanisms for SMEs to access credit.
"Critically government must demand that senior bank executives pay back all of the bonuses they collected over the past three years along with at least 50% of the money they collected from their salaries. For year's senior decision makers in Ireland's financial institutions engaged in reckless and corrupt lending practices and by doing so played a significant role in creating the current recession.
"Government first failed to put in place the necessary regulation in the banking system. Then when the effects of this policy became obvious and the state had to step in and underwrite the banks late last year the Finance Minister Brian Lenihan and the Taoiseach failed to face down the bankers. Instead the two Brian’s have for months now looked up to crooked bank executives for the answers, all the while ignoring the interests of those who can actually fix this crisis and to whom the government is actually answerable to… the tax payer.
“Sinn Féin supported the government's decision to underwrite the banks but voted against the guarantees terms and conditions as the government refused to pursue or secure the necessary conditions on home mortgages, credit for SMEs and senior banking pay and bonuses.
"Given the government's role in the banking crisis and its inability to secure any real pay back for the taxpayer to date Sinn Féin believes the definitive solution to the current crisis is for the government to proceed with the nationalisation of our two major banking institutions the result of which should be an amalgamation of AIB and Bank of Ireland as a single public bank." ENDS