Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Before I move on to the issue of mortgages, I wish to ask about pensions. Mr. Duffy referred to - it is also outlined in the details AIB sent us - the difficulties the bank is experiencing in respect of the defined benefit pension scheme. It is moving to a defined contribution scheme. Last weekend the Sunday Independent reported on the pensions being paid to former politicians, which are always, rightly, subject to scrutiny. Mention was also made of some of Mr. Duffy's predecessors as head of AIB. According to the newspaper, the former CEO, Mr. Eugene Sheehy, is paid a pension of €529,000 per annum, which would have an overall value of approximately €18.5 million over a lifetime. The former AIB managing director, Mr. Colm Doherty, on reaching his 65th birthday will, apparently, receive a pension of €300,000 per annum. These figures seem obscene, particularly in the context of what has happened to the bank and the amount of money ordinary taxpayers have had to put into it. Has Mr. Duffy, as CEO, explored every possibility of addressing the legacy pension bill AIB is facing for his predecessors, even down to the level of asking people to volunteer to surrender pensions on foot of what has happened in the bank?