Damien English (Meath West, Fine Gael)

I am glad the Minister has found a mechanism in amendment No. 17 to achieve this; it was essential to send a message out about bank bonuses. I am sorry there had to be so much confusion about it, with the impression that the Minister was not going to do anything. Deputy Mattie McGrath might try to claim credit but the Minister was no doubt trying to do it. I hope so because I am sick listening to someone like Deputy McGrath claiming responsibility. It appears, however, that Fianna Fáil is facilitating him because it keeps giving him speaking time. It looks to me like a cosy arrangement between Fianna Fáil and Deputy McGrath. He gets speaking time and then waits until the very last minute to vote to ensure everything is safe. It is a bit too obvious and I am surprised journalists are falling for it. Perhaps Fianna Fáil will change its way of going about things.

This had to be done, and we raised the issue with the Minister before Christmas. This was done in other countries and it makes sense. I am glad the Minister has done it and I fully support the measure.

Whoever becomes Minister for Finance in the next couple of months must give proper consideration to the Central Bank report on the payment structures of banks. The Governor is still concerned that there is a possibility of a repeat performance in some of our banks. The system and culture have not changed not just regarding bonuses, but payment structures as well. I am concerned about the contents of that report and that things have not changed. I appreciate the Minister was trying to get things in order in his Department but this key area should have been examined. The amendment tackles the past bonuses but in the years ahead we must look at payment structures in banks.

The universal social charge is wrong; it penalises those on very low incomes. I accept there have been some movement but it does not go far enough. It was talked about in the last budget that taxes would be put together but that there would not be any increased payment but this will result in most people paying more. That is not what was planned and there is also confusion about it. People were told income levies were a short-term measure but that has changed. They are now long-term measures. People were misinformed. The Minister was guilty of that in the past and I wish it had not happened again. Even at this stage he should consider a reduction in the rates of the universal social charge. It affects those on low incomes too much.

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