Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

AIB has already reduced pay significantly. I can supply the Deputy with the details. It has been successful in introducing pay reduction schemes and it has written to those who are in receipt of extravagant pensions to request them to return voluntarily part of their payments. One individual has already made a significant contribution in terms of reducing his pension. IBRC's pay bill has decreased significantly. I wrote to its chairman to ask for board agreement on imposing a pay reduction of 15% but I received a reply stating the board did not think it wise to take that course of action and reciting reasons for this opinion. As far as I am concerned, that is only the first exchange of correspondence and we will pursue the issue further with IBRC.

Last June I appointed Mercer to conduct a complete review of all pay and emoluments in the covered institutions precisely because I share the emotions expressed by the Deputy. I had the information and, as far as I am concerned, the payments are far too high. They are ridiculous in light of what some families have to survive on. I will have a report on that review at the end of the year and I will act on it.

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