The Minister for Finance has said he is happy to consider the Banking and Payments Federation Ireland submission calling for bank bonuses to be dropped in order to allow SEAR (senior executive accountability regime) legislation to be more effective.

But he stated that he does not accept there is a link between the two.

Speaking on RTÉ's News at One, Paschal Donohoe said the SEAR legislation is the final part of the regulatory framework that needs to be put in place to ensure the right standards in the banking sector are implemented.

Meanwhile, Minister Donohoe said that legislative changes made in 2019 should deal with many of the issues that are alleged in today's Irish Times report on the cum-ex scheme.

He said he believes that rising inflation will be temporary, but that he expects it to extend well into 2022 and this is why the Government is making changes to the personal tax policy.

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