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Donohoe must rule out any softening of bankers’ bonus tax now and in the future - Pearse Doherty TD

5 March, 2018 - by Pearse Doherty TD

Sinn Féin Finance spokesperson, Pearse Doherty TD, has said Finance Minister Pascal Donohue must rule out any softening of the super tax in place on bankers’ bonuses.

Deputy Doherty was responding to AIB’s stated intention of implementing a 'Deferred Annual Share Plan' as a bonus scheme.

Deputy Doherty said:

“I was shocked to learn of AIB’s intention to return to the disastrous bonus culture of the past.  

"As we speak the Central Bank are preparing a report on the banking culture for the Minister yet AIB feel confident enough to announce openly that the good days are back for their top bankers.

"As things stand these bonuses will be subject a 45% Excess Bank Remuneration Charge on top of standard income taxes which would make this scheme largely useless for AIB. Why then are they proceeding with it?

"I am seeking immediate and full reassurance from the Minister for Finance that he has no intention, now or anytime in the future, of removing this super tax. 

"It was put in place for a reason and that a reason is still there. It is my understanding that any change would require legislative change so a clear message from all opposition parties can see this issue killed before it gathers steam.

"The State might not be able to stop banks paying obscene bonuses at a time of rip off interest rates, and the ongoing tracker scandal but bit can tax the bonus to the point of irrelevance.

"Sinn Féin will not stand for any slippage on this issue. The good old days for the bankers will lead to the bad old day for the rest of us.”

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