Accountability and banker’s bonuses do not mix – Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the long overdue consideration by Cabinet of measures to enhance accountability in the banking sector. He cautioned that accountability is an essential issue to get right by itself and any attempt to link it to bankers’ pay or bonuses must be rejected.
Deputy Doherty, who has won Dáil support for legislation that would introduce criminal sanctions on bankers who lie or provide false information to the Central Bank, said:
“I welcome the long overdue consideration of legislation on accountability in the banking sector by cabinet. Sadly, the delays in bringing in legislation show that this is very far down the list of priorities for government. It was 2017 when the Central Bank made a detailed submission to the Law Reform Commission on what changes were needed to improve accountability and, as far back as 2015, Governor Honohan wrote to Minister Noonan about a ‘lacuna’ which allowed bankers and others lie to the Central Bank without consequences.
“I have won Dáil support for legislation to introduce criminal sanctions on bankers who lie or provide false information to the Central Bank.
“I am concerned that there may be an attempt to link this legislation and a return to bonuses and super pay as two strands of a process. Sinn Féin will not stand for such a process. Accountability and tough penalties for bad bankers are an essential issue in their own right.
“The Minister should publish the Korn Ferry report on bankers’ pay so that a full public debate can take place rather than the leaks now appearing.
“Personal, individual accountability must be the hallmarks of any legislation and I will be examining any draft legislation with an eye to securing these principles.”