Dáil debates

Tuesday, 20 April 2010

4:00 pm

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)

The facts of the situation are contrary to how the Deputy is asserting them. I understand the public perception and I hold no brief for the Bank of Ireland pension fund. I am just setting out the facts of the situation.

From the Government's point of view, we have capped the salaries and we have ensured no bonuses are being paid. There can be no enhancements of pension entitlements relating to existing pension entitlements under the contracts for CEOs in that institution. It is not a payment to Mr. Boucher directly but a contribution to the Bank of Ireland pension fund to ensure there are sufficient funds in the pension fund to sustain all pensions, including the pension the CEO will receive when he retires.

I hold no brief; I just want to give the facts of the situation. I have also stated clearly that the subscription agreement provides for no pension enhancements to be awarded without prior consent. Since this is not an enhancement, although I can understand the situation, it does not require prior consent so the idea of intervening does not arise in that respect.

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