Oireachtas Joint and Select Committees

Wednesday, 29 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Eugene Sheehy:

He wasn't. As I explained earlier on, the remuneration of the chief executive officer - me, when I was there - was based on market comparisons and norms. I told the remuneration committee and the board - and they knew it very clearly, as did the director, as did the chairman - that I wanted my salary to be the lowest in its peer group, relative to the size of the bank, and that's in the Nyberg report, page 7, there's a chart of it there. So, there was no relationship, none whatsoever, between my salary and the size of the bank's balance sheet. That's a fact. You can look up the remuneration committee notes. You can look up the terms of the remuneration committee. The factors that went into it, the discussions at the board, there is no connection or validity to what you're asserting.

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