Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context

Question 304: To ask the Minister for Finance if he will introduce regulations to restrict the terms of early retirement that can be offered to executives who are retiring from banks as a result of the powers given to them when the bank guarantee was introduced; and if he has issued directives to date to the banks regarding such arrangements. [2111/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

Section 49 of the Credit Institutions (Financial Support) Scheme 2008, prohibits covered institutions from entering into any contractual arrangement that provides for termination compensation or equivalent to be payable to any director or executive for the duration of the Scheme. This does not require any further specified directive from me, but my Department has written to all of the covered institutions to bring this section to their specified attention. However, terms of termination including early retirement included in the contracts of bank executives prior to the bank being covered by the Scheme continue to have legal force.