Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome all our guests from AIB to the committee. We will start with the issue Dr. Hunt raised about Goodbody stockbroker. He mentioned that there was a work-around with the remuneration. Previously, AIB, in its annual publication of its accounts, suggested it would look at an enhanced remuneration, where bonuses would be reintroduced. As CEO of the bank, Dr. Hunt will know that that can only happen with the consent of the Oireachtas. The Oireachtas would have to change the law to get rid of the 45% additional USC surcharge that we apply to bankers’ bonuses. Can Dr. Hunt say whether he has any intention to revisit that issue, that he had previously announced, but set to one side? Can he also explain to me the letter he sent to the Minister for Finance, Deputy Paschal Donohoe, under the terms of the State agreement on the completion of the transaction Gold which is Goodbody? He asked that it would be deemed a group company of the AIB, to which the remunerations provisions would apply. He said in writing he was seeking the consent of the Minister for Finance that, on the acquisition of Goodbody, it would be excluded from the definition of group company, solely for the purpose of the remuneration provisions and that none of the remuneration provisions will apply to Gold or Goodbody. To summarise, he acknowledged in that letter that the acquisition of Goodbody would be deemed a group company. He asked the Minister to designate it as not a group company, but solely for the purposes of remuneration. This is to work around the law that we have passed in the Oireachtas. What is Dr. Hunt's understanding of how the Minister is simply able to exempt Goodbody from this law, by redefining it outside of a group company?