Bonus supertax raises nothing

A supertax introduced to curb bankers’ bonuses has done just that and returned no money to the exchequer as the covered banks have stopped paying employees cash bonuses.

In a response to a parliamentary question from Sinn Féin’s Pearse Doherty, the Minister for Finance, Micheal Noonan, said the 90% banker bonus supertax had recovered no money.

“I am advised by the covered institutions who have disclosed information that the total amount raised from the excess bank remuneration charge in respect of bonuses is zero,” the minister said.