Martin Ferris (Kerry North, Sinn Fein)
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Question 78: To ask the Minister for Finance the number of staff that will be in the asset recovery bank and in the funding bank, including the executive and board structures that will be established; the person who will be heading the asset recovery bank and the funding bank; how the public interest will be represented in the banks; the remuneration structures for staff at the banks, including chief executive officer; and if he will make a statement on the matter. [34065/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As the Deputy will be aware I have instructed Anglo Irish Bank to prepare, in conjunction with the NTMA, the Central Bank/Financial Regulator and my Department, a detailed plan to reflect the restructuring approach decided by Government. Work is continuing on this plan which will address in detail the respective roles and operations of the Asset Recovery Bank and the Funding bank. When this task is finalised it will be possible to quantify the management and staff numbers and skill sets required for each entity.

Until this work is completed it is not possible to indicate who will head up the institutions or what staff levels or skill base will be required. In general terms however I can say that staff and remuneration levels will reflect industry norms. For senior management posts, including Chief Executive Positions, remuneration will be in line with the recommendations of the Covered Institutions Remuneration Oversight Committee (CIROC).

Finally, I think it is important that the public interest is specifically represented on the boards of institutions in receipt of State assistance. Anglo Irish Bank is somewhat different in that the Bank is a wholly owned commercial State entity and as such I will insist in my role as sole shareholder that the public interest is to the forefront of the Board's objectives.