Brian Lenihan Jnr (Dublin West, Fianna Fail)

In a sense this has been an unreal debate because the Government has tabled an amendment to address the question of bankers' bonuses. I would have preferred to have had more time to formulate that amendment. However, the Finance Bill was formulated in circumstances of haste, published earlier than it would normally be and when the Government became a minority Government, there was an insistence that the Bill be processed with great haste, which is also being done. Fortunately, through the industry of my officials, we are in position to submit an amendment, which is part of the Report Stage consideration, which will deal with bankers' bonuses.

In a sense, I do not believe there is much point discussing the merits of this amendment but I assure Deputy Noonan the issue about which he raised concern in the proposed amendment before us, namely, striking the right balance between publication and the power of the Revenue to investigate matters with the necessary confidentiality, which it requires, and the protection of the privacy of individuals where it is appropriate, are struck in the Government amendment. They are not, as Deputy Noonan rightly said, struck in this amendment, but it has been superseded by the fact that the Government has tabled an amendment. I am content to leave it at that stage.

Naturally, the opportunity of this amendment was used by Deputies Morgan and Burton to give again a very inaccurate political history of the banking crisis in recent years. The first point that everyone must recognise and that, I note, does not feature in this public debate is the fact that the European Central Bank happily has supported the Irish banking system to the extent of more than €100 billion. It provided the Irish banking system with the necessary funding when a very substantial flight of money out of our banking system took place.

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