Fianna Fáil wants all bonuses to senior bankers curtailed for 5 years and then only be paid if that person was not involved in losses for the bank.

The party has published legislation which is says would be one small step in changing the rotten culture in banking.

Under these new plans any bonus of more than €1,000 to be paid to senior staff would have to be lodged into an interest bearing account for a period of five years.

The late Finance Minister Brian Lenihan at one point had considered plans to introduce a 90% ‘bankers bonus’ tax.

Government restrictions on bumper payments to bankers had been in place since the banks were rescued.

However Michael Noonan recently cleared the way for bailed-out banks to begin paying bonuses to their top executives as early as next year.

Willie O’Dea of Fianna Fáil is denying it is hypocritical of his party to be lecturing now on bank bonuses.