Greens insist on complete review of bonuses and top-ups to bankers

THE Green Party are demanding a “complete review” of bonuses, golden handshakes and pension top-ups paid in banking and related sectors.

Communication Minister, Eamon Ryan said there is “huge anger” over multi-million euro awards paid to senior bankers, compounded by the fact that “the severity of our banking system has been worse than elsewhere”.

Following the decision by Bank of Ireland boss Richie Boucher to waive his controversial €1.5 million pension top-up, Mr Ryan said it was “more important” that the former Irish Nationwide boss Michael Fingleton give back his €1m bonus.

The Government yesterday attempted to claim credit for Mr Boucher’s decision, even though the Taoiseach refused opportunities in the Dáil on Wednesday to demand the money be returned.

When pushed by journalists later that evening, Mr Cowen said it would be “helpful” if the pension top-up was not accepted.

But asked yesterday why it took the Government a full week to send out this message, Mr Ryan mistakenly thought the Taoiseach had used Dáil time to call on Mr Boucher not to take the money.

“It was the first time we are back in the Dáil and the Dáil is the right place for certain comments and certain debate and I think it was his first opportunity in the Dáil to answer the question from the opposition,” said Mr Ryan.

He said: “The right message went out and the right response came, in terms of one particular pension arrangement, but there’s more to be done.”

He said banks have lost the trust of the Government and the trust of the public and this can only be rebuilt by changing pay and pension arrangements.

“Across our banking system and related systems I believe there needs to be a complete review,” he said.

“I don’t see why the banking business should be treated so differently that executives have to be paid so high.”

The minister said it was “not healthy” that bank bosses were earning salaries up to 100 times greater than those of branch staff.

He said the whole culture that required executives at the very top to have such salaries needs to be looked at.