Written answers

Thursday, 26 March 2009

Department of Finance

Financial Institutions Remuneration

4:00 pm

Photo of Róisín ShortallRóisín Shortall (Dublin North West, Labour)
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Question 66: To ask the Minister for Finance if and when he will publish the report of the Covered Institution Remuneration Oversight Committee on bankers' pay; and if he will make a statement on the matter. [12320/09]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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The Report of the Covered Institutions Remuneration Committee (CIROC) was published by my Department on 13 March 2009.

The Government welcomed the recommendation by CIROC for reductions in the prevailing base salary, pension levels and bonuses for Chairs, Chief Executives and ordinary Board members in those financial institutions covered by the Bank Guarantee Scheme. As the Deputy is aware, I have written to those institutions seeking a salary cap of €500,000 or the amount recommended by CIROC, whichever is the lesser.

The CIROC Report was placed before the House on 13 March 2009 and is also available on my Department's website.

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