Environment Minister John Gormley has said there would be a severe cap on remuneration for bankers and bonuses would not be paid under the recapitalisation agreement.
Speaking on RTÉ's 'This Week' programme, Mr Gormley said there was no question of Bank of Ireland and Allied Irish Bank pocketing the €7 billion being provided by the Government to recapitalise them.
He said there was no 'get out clause' for the banks under the agreement which came with conditions regarding house repossessions, a cap on remuneration and lending to small businesses.
Mr Gormley also said there was a need to create the most comprehensive regulatory system in the world.
Meanwhile, IBEC Director General Turlough O'Sullivan said he believed bankers were guilty of greed and criminality.
He also said the rate of unemployment is likely to be as high as 500,000 by the end of the year.
Mr O’Sullivan said social partnership was going through a tough time and will be tested.
He also said the current pay deal element of the national wage agreement was dead in the water.
