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Dublin: 11 °C Sunday 19 May, 2013

Seanad passes Finance Bill after late bankers’ bonus scare

The Finance Bill passes unamended through the Seanad, after a late scare for Fianna Fáil when the Greens jump ship.

THE FINANCE BILL has been passed unamended by the Seanad this evening, by a margin of 30 votes to 20, avoiding the need for a late sitting of the Dáil.

The Fianna Fáil-led government side had a majority on all divisions tabled by opposition parties, but was pushed closed on one late recommendation, which would have seen the Dáil asked to vote on whether to force banks to publish the bonuses paid to bank staff since the bank guarantee was introduced in 2008.

On that recommendation, made by Labour and supported by Sinn Féin, the Green Party deviated from its usual policy on the Bill and sided with the opposition – meaning that the government was run short in the division, winning by just one vote.

In that vote – defeated by 26 votes to 25 – Fianna Fáil survived only through the support of independent senators Eoghan Harris, who was appointed to the upper house by Bertie Ahern as one of his 11 nominees in 2007 – and by senator Rónán Mullen, representing the graduates of the National University of Ireland.

Another suggested amendment from David Norris, which would have inserted a clause extending the definition of ‘spouse’ to include people in civil partnerships, was withdrawn, after finance minister Brian Lenihan said he was confident the Bill would already cater for them.

With the Bill passing the Seanad without amendment, it will now be sent to President McAleese, where it will be signed into law between Wednesday and Friday of next week.

That signature will come after the Dáil meets for the final time in the current term next Tuesday, when Brian Cowen will formally announce his resignation as Taoiseach and announce the date of the general election.

The Seanad, meanwhile, is adjourned sine die, or without a further meeting arranged – making it unlikely to meet again until after that election, when its own term continues for three months.

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Comments (3 Comments)

  • As we the public are funding the mess that the banks have created we are entitled to have access to the economic operation of the banks. The details of the salaries,perks & bonuses payments of any description should be in the public domain. This is the case for all other institutions that are government funded.

    Reply
  • Eoghan Harris What a fine example of representing the interests of the people!
    Bertie must be proud of his little lap dog!

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  • Cost of bank bonuses: tens, perhaps hundreds of millions of euros
    Cost of bailout. : in excess of forty BILLION euro
    The banking sector currently employs approx 35,000 people, many of whom are contractually entitled to their bonus. These employees pay desperately needed tax, and may have a low base pay with the promise of performance related bonuses. By and large they live in Ireland, and payments to them will tend to filer back into the economy.
    But the populist politician logic is “let’s pay them peanuts, because right now what the banking sector needs is monkeys (and right now, what I need is votes)”.
    It’s easy to make targets of bank employees or even management, but it’s a distraction from the real issue; namely soverign Ireland’s ability to pay for the bailout at a punitive rate of interest. If we are forced to repay the ECB at 5.8%, our debt will rise faster than our means of servicing it, and we will inevitably face a State bankruptcy. This IS going to happen.
    Who gives a s**t whether the bank staff get a bonus? €40m is not a lot when divided by 12,000 employees. It’s an irrelevancy, these numbers represent less than 1/10th of 1% of the real costs.

    Reply

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