FF says bill would end ‘rotten’ bank bonus culture

The “rotten” culture of bonus entitlement in banks would be ended under laws which will be proposed by Fianna Fáil when the Dáil resumes in September.

The former minister and now party spokesman on social protection, Willie O’Dea, yesterday published the private members bill to crack down on bonus payments but admitted “it should have been done sooner”.

It proposes that all bonuses to senior management would be delayed for five years. The money would be lodged as part of the capital of banks and therefore be available in the event of any losses.