Dáil Éireann Debate, Tuesday - 18 December 2012
145. Deputy Denis Naughten asked the Minister for Finance the reason the provisions of the Credit Institutions (Stabilisation) Act 2010 cannot be utilised to reduce pensions paid to former senior executives of banks; and if he will make a statement on the matter. [56316/12]
View answerAs I outlined to the Deputy in my previous reply (ref no 51257/12 of 20th November 2012), on the same subject, the scope to use the provisions of the Credit Institutions (Stabilisation) Act 2010 in the manner proposed is severely limited. The general intent of the legislation is to operate its provisions at a system level to permit the imposition of obligations on credit institutions. It is also far from clear that the quantum of money that might be raised from this action – notwithstanding any possible legal and constitutional concerns - would fit within the purposes of the Act.
