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Banksters should be made return bonuses of last 3 years

25 February, 2009


Note: Deputy Morgan's amendments to the pension levy bill are detailed at the end of this statement.

As the pension levy enters committee stage, Sinn Féin Economic Spokesperson Arthur Morgan TD has tabled a number of amendments to address the disproportionate burden of pay cuts on the lower paid. In the amendments Deputy Morgan has also called for banking executives to return all bonuses they have wrongfully collected over the past three years.

The Louth TD said:

"At a time when gardaí and nurses are losing up to a €1,000 from their moderate salaries, it is absolutely unacceptable that the Minister for Health is authorising a pay deal for consultants that is almost double the average of a consultant salary in Europe. My amendments to the pension levy bill include a proposal to cap Irish hospital Consultants start-off pay to €70,000, the equivalent of the figure paid in Sweden.

"I am also calling for banking executives to be required to return all bonuses collected over the past three years. One of the primary reasons Ireland's banking system has been so fundamentally undermined is because of the reckless lending policies of senior bankers. They should be made to pay for their behaviour during that period and it is only fitting that they return all bonuses which they wrongfully collected over the past three years.

""Deputy Morgan has tabled a motion to cap banking executive remuneration in line with that of government ministers and to form part of an overall reduction." ENDS

Amendments SECTION 2
In page 6, subsection (1), between lines 13 and 14, to insert the following:
"(a) who-
(i) was a banking director or manager from the 1st of March 2006 onwards or at any time afterwards,
(ii) is a hospital consultant on 1st March 2009 or at any times afterwards,
(iii) was a senior manager from the 1st of March 2006 onwards or at any time afterwards,".
-Arthur Morgan.
In page 6, between lines 25 and 26, to insert the following new subsection:
"(3) (a) The Minister shall on behalf of the Oireachtas make regulations for the purposes of capping senior banking executive pay to the same level as that of Government ministers and to form part of an overall reduction in pay of senior management in the public sector,
(b) The Minister shall on behalf of the Oireachtas make regulations for the purposes of collecting all bonuses gathered by senior banking executives in the past three years,
[No. 5 of 2009] [24 February, 2009]
[ SECTION 2 ]
(c) The Minister shall on behalf of the Oireachtas make regulations for the purposes of capping senior executive pay in our state bodies to the same level as that of Government ministers and to form part of an overall reduction in pay of senior management in the public sector,
(d) The Minister shall on behalf of the Oireachtas make regulations for the purposes of reducing the start off pay of hospital consultants to €70,000 per annum.".

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