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FF to publish legislation to reduce bankers' pensions


Howya

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Feb 29, 2012
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Fianna Fáil to publish legislation to reduce bankers’ pensions

FIANNA FÁIL IS to publish special legislation tomorrow to reduce the pensions paid to senior executives in Irish banks.

Fianna Fáil spokesperson on Finance, Michael McGrath, will give the full details on the provisions of the legislation tomorrow, but it is believed it will cover both the pensions of current senior executives and former senior banking executives.
What will the FG/Lab reaction be? Welcome it with open arms or bin it?

And interestingly, FF are not proposing to include senior civil servants and politicians - I wonder why?
 


Sync

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Akin to Jeffrey Daumer offering sentencing suggestions for female serial killers.

1. If FF (or anyone else) wants to draft legislation making it ok for the govt of the day to decide who should and shouldn't get to keep the pension they've legally earned, then fine. That's one way to go. It's a crazy way to go but fine.

I don't understand from a fairness perspective why it's reasonable to garnish the pension of say a 70 year old baking HR director who did a great job during her tenure and leave the pension of a 70 year old voted out politician's pension intact, or leave the pension of a post office manager whose performance reports indicate underperformed all their career.

If we want to retrospectively do that for bankers/teachers/nurses etc etc then great. I'll vote against anyone who wants to do it but fine.

But this idea of selecting people based on their profession should make people uneasy. The second something like this is allowed to stand in court then there's nothing to stop the next govt doing it for a profession you DO happen to like.

2. It won't matter because the legislation suggested by FF will be poorly worded muck which won't have been subject to legal review because they won't have bothered because this is a stunt.
 

sic transit

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Fairly populist and unless there is some way to prevent the inevitable lawsuits unlikely to go anywhere. The cynic in me would wonder whether they know this anyway and are trying to give the impression that they are trying to do something and that they are rehabilitating themselves.
 
B

Boggle

Fairly populist and unless there is some way to prevent the inevitable lawsuits unlikely to go anywhere. The cynic in me would wonder whether they know this anyway and are trying to give the impression that they are trying to do something and that they are rehabilitating themselves.
There is probably nothing preventing an increased tax on these pensions.

This should, however, be a reminder to ps employees that, when it becomes politically convenient, their pensions may be at risk too. Better off keeping your money and sorting out your own pension rather than trusting the state with it, particularly if the ps workforce decreases.
 
J

Johnny Boy

But this idea of selecting people based on their profession should make people uneasy. The second something like this is allowed to stand in court then there's nothing to stop the next govt doing it for a profession you DO happen to like.
It wouldn't last five minutes in front of European judges. You cannot legislate for selective discrimination like that on the basis of someone's whim. It is a populist stunt, and not even a clever one. It is no coincidence that these dunces brought Ireland to the brink of ruin.
 

rll69

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Wouldn't it have been better to do all of this when they were in power at sometime over the last 25 years?
 

rll69

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It wouldn't last five minutes in front of European judges. You cannot legislate for selective discrimination like that on the basis of someone's whim. It is a populist stunt, and not even a clever one. It is no coincidence that these dunces brought Ireland to the brink of ruin.
Non discrinatory legislation against all taxpayer funded pensions over €100,000 being taxed at 90% would stand up in court but would obviously include politicians and civil servants so .....
 

Analyzer

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You have to hand it to FF.

FF in opposition are sounding more like FG were like in opposition with every passing day.

How come they all only get serious about running the country properly when they are in opposition ?
 

Killerbank

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These lads deserve a chance in government!!


Perhaps eventually - but only after, say, a 30 year period of isolation from the levers of power.
This is a seriously contaminated party that only a year or so ago brought the country to its knees and still has among its front benchers joke politicians like Willie O'Dea and Eamonn O'Cuiv.
 

sic transit

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Non discrinatory legislation against all taxpayer funded pensions over €100,000 being taxed at 90% would stand up in court but would obviously include politicians and civil servants so .....
Tax or levy is the only option.
 

daveL

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Fianna Fáil to publish legislation to reduce bankers’ pensions



What will the FG/Lab reaction be? Welcome it with open arms or bin it?

And interestingly, FF are not proposing to include senior civil servants and politicians - I wonder why?
FFS... where was the legislation pre bailouts and nationalisations?

populist opportunism from the past masters of populist opportunism

No doubt they are fully aware of legalities protecting these pensions;

FF will win out of this either way
1 - FG/Lab will look pro bankers as they will vote down this due to it being legally unworkable - FF look like the 'party of the people'
2 - FG/Lab vote for it and FF can take the kudos
 

EUrJokingMeRight

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FF are the jokers party...
 

ShoutingIsLeadership

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To think that FF was on the radio this morning, in the form of Billy Kelleher, lecturing SF on political opportunism.
 

ShoutingIsLeadership

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Jan 17, 2011
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50,433
Akin to Jeffrey Daumer offering sentencing suggestions for female serial killers.

1. If FF (or anyone else) wants to draft legislation making it ok for the govt of the day to decide who should and shouldn't get to keep the pension they've legally earned, then fine. That's one way to go. It's a crazy way to go but fine.

I don't understand from a fairness perspective why it's reasonable to garnish the pension of say a 70 year old baking HR director who did a great job during her tenure and leave the pension of a 70 year old voted out politician's pension intact, or leave the pension of a post office manager whose performance reports indicate underperformed all their career.

If we want to retrospectively do that for bankers/teachers/nurses etc etc then great. I'll vote against anyone who wants to do it but fine.

But this idea of selecting people based on their profession should make people uneasy. The second something like this is allowed to stand in court then there's nothing to stop the next govt doing it for a profession you DO happen to like.

2. It won't matter because the legislation suggested by FF will be poorly worded muck which won't have been subject to legal review because they won't have bothered because this is a stunt.
Presumably they cooked the books.
 

hmmm

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Oct 4, 2006
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Typical FF pandering to populism with awful implications. It will drive people further away from investing for their retirement for fear some future government will arbitrarily tax pension income harshly. Not to mention they aren't about to cut politicians pay or pensions.

A stupid idea in short.
 

eoghanacht

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Apr 18, 2006
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