Joan Burton (Dublin West, Labour)
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Question 186: To ask the Minister for Finance if the policy of curtailing performance bonuses in Allied Irish Bank and Bank of Ireland announced on 11 February 2009 as part of the recapitalisation programme will be continued for the foreseeable future; if he will confirm that no bonuses have been sanctioned in 2009 or to date in 2010; if he will confirm that he does not propose to sanction any bonuses in 2010; and if he will make a statement on the matter. [25667/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The provision for the curtailment of performance bonuses for senior executives of the named institutions is contained in the respective Subscription Agreements for the preference share investment by the National Pensions Reserve Fund Commission in each of these institutions. These Agreements specify that no performance bonuses for senior executives are to be paid for the years 2009 and 2010. Thereafter, any proposal to pay an annual performance bonus to any senior executive is subject to agreement between the bank concerned and the National Pensions Reserve Fund Commission. I have issued directions to the National Pensions Reserve Fund Commission governing these investments which, inter alia, require the Commission to consult me before agreeing to any changes to remuneration arrangements pursuant to the Subscription Agreements.