FINANCE SECTOR SALARIES

That this House believes that the finance sector can make a contribution to economic recovery by displaying responsibility in levels of salary and bonus awards; notes with concern reports of large severance payments for departing directors of banks; condemns excessive payments to senior staff whose efforts have contributed to the economic downturn; notes with concern the salary offered by Lloyds TSB to the former Chief Executive of HBOS; accepts that the need for commercial independence in the finance sector can only be guaranteed if responsibility is obvious at boardroom level; and notes that the price of irresponsibility in the finance sector may be further government regulation.