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
Mr. Richie Boucher:
In terms of the Mercer report, the specific request that the Minister, as a shareholder, made to us was to identify the staff cost savings that would arise. I have mentioned that. Therefore, our own target conformed with the Minister's target.
To answer the Deputy's other question, I am not aware of specific pay cuts having been taken. I am aware, and as we have advised, that there have been significant changes to pension benefits. We have a deficit at the moment. That deficit is impacting on the viability of the schemes and our ability to pay future benefits, and we are engaging with staff representatives. Any changes to pension benefits will impact on any member of the pension scheme on a defined benefit scheme including, for example, myself.
Moreover, the proportion of any benefit changes obviously will be different, depending on that person. I cannot advise as to what are the solutions because we are in a process. We are going before the Labour Relations Commission today.
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