Michael D'Arcy (Wexford, Fine Gael)
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Question 95: To ask the Minister for Finance the bonuses paid to senior executives and management at the six banks covered by the State guarantee; and if he will make a statement on the matter. [12391/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The remuneration packages of the top executives in the six banks referred to in the Deputy's question are listed in the annual accounts for each institution.

The Deputy will be aware that I recently published the report by the Covered Institution Remuneration Oversight Committee (CIROC) which recommended reductions in prevailing base salary, bonus and pension levels for chief executives, chairpersons and ordinary board members that the Committee considered to be, in many cases, markedly excessive. The Committee report, that with the exception of the Irish Nationwide Building Society where the CEO was paid a pre-contracted incentive bonus of €1,000,000 in relation to 2008, no bonuses will be paid to chief executives or the senior executive management teams in relation to performance in 2008/2009. However, I have written to the Chairs of the covered institutions asking them to revise their remuneration plans in such a way as to respect a salary cap of €500,000 or the amount recommended by CIROC, whichever is the lesser.

The Deputy will note that in the report the Committee recommend that the remuneration of other executives should also be adjusted to take account of the revised salaries for chief executives.