Oireachtas Joint and Select Committees

Wednesday, 31 October 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Operations and Functioning of IBRC: Discussion

12:10 pm

Mr. Richard Woodhouse:

This was not decided by us; the sales process was done at arm's length. The Deputy might be getting at a question of pay grades within the company. The bank had no influence on that. At the end of the day, "a little" was the chief executive's answer earlier on to the pay grades within the company here. These businesses are mainly cashflow-based and the best assets drive home at night. If people are to continue to create value in the business in which they operate, it is the same for a bank as it is for an oil company, a trade or anything else, the board of that company would determine pay levels and their appropriateness. We had no involvement at all.

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