As Finance Minister Paschal Donohoe prepares to leave office, his biggest priority is rewarding bankers
The government’s plans to restore bankers’ bonuses are an insult to the millions of workers who have seen their wages fall because of the cost of living crisis, according to Social Democrats Finance Spokesperson Róisín Shortall.
“As Finance Minister Paschal Donohoe prepares to leave office, his biggest priority is rewarding bankers and restoring their bonuses.
“Has the Minister forgotten that it was bankers reckless lending, for which they were richly rewarded with gold-plated bonuses, that led the country into bankruptcy and collapsed the housing industry during the financial crash?
“Bankers do not appear to have learned any lessons from that dark chapter in their history, given the revelations from the tracker mortgage scandal that have come to light in recent years.
“This year alone, AIB was fined more than €96 million by the Central Bank for its role in inflicting “devastating consequences” on nearly 13,000 households who were caught up in the tracker scandal.
“Meanwhile, Bank of Ireland was hit with a record €100 million fine in September for its role in the scandal that resulted in the loss of 50 homes, including 25 family homes. In total, across the industry, 327 homes were lost, including 98 family homes.
“The ink on those record fines for the banking sector is barely dry and the Finance Minister plans to inflate the pay of bankers on salaries of €500,000 by up to €20,000.
“This decision is especially galling given the current cost of living crisis that is decimating the incomes of struggling workers and families all over the country. This decision is an insult to those workers and families.”
29 November, 2022