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

I would like to address the issue of the abstention at the AGM. As we have just 15% of the vote, our decision to abstain, vote against or vote for was not going to influence the outcome. All the other investors voted in favour of what was recommended. I gave my reasons previously. I think they are valid. I think the decision to abstain was a very good one. Arising from the recommendations of the Mercer report, I have written to Bank of Ireland and the other domestic banks to instruct them to respond by the end of the April outlining their strategies for the delivery of savings of between 6% and 10% of total remuneration costs. We have discussed this already. I did not consider it appropriate to endorse the directors' remuneration at Bank of Ireland in advance of receiving a response to my instruction. Therefore, I decided to abstain on this resolution. I can confirm that I voted in favour of each of the other resolutions. That is the position. It is a very valid position, contrary to what has been suggested in various contributions inside and outside the House. In his capacity as a journalist, Deputy Ross has written several articles criticising me. If my predecessor had followed the Deputy's advice in respect of Anglo Irish Bank, Seánie FitzPatrick would have been the CEO.

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