Oireachtas Joint and Select Committees

Wednesday, 4 September 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Financial Sector: Discussion with Bank of Ireland

11:55 am

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. At some stage somebody else might pick that up. Regarding the Mercer report, Mr. Boucher has answered the question. On 23 April, the Taoiseach said he expected senior executives to take substantial reductions. I have a confidential note here from the Minister for Finance's advisers on Mr. Boucher's own remuneration that was voted upon at the AGM, which I got from a freedom of information request. It states: "I think it would be inappropriate for us to endorse the director's remuneration at this time." How many of the 1,200 staff at Bank of Ireland who have packages above €100,000 took a base reduction in their salary as a result of the Mercer report? Can Mr. Boucher inform the committee if he and his directors lived up to the Taoiseach's expectation that they would take a substantial reduction in their pay as a result of the Mercer report? I believe he expected the response within two weeks after that.

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