Lucinda Creighton (Dublin South East, Fine Gael)
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Question 140: To ask the Minister for Finance the number of appeals heard by the Irish Financial Services Appeals Tribunal in each of the years 2004 to 2010 inclusive; the remuneration and expenses awarded to board members in each of those years; and if he will make a statement on the matter. [42756/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Central Bank Act, 1942 (as amended) by the Central Bank and Financial Services Authority of Ireland Act 2003 provided for the establishment of the Irish Financial Services Appeals Tribunal (IFSAT). IFSAT is an independent body providing for appeals against certain decisions made by the Central Bank (formerly known as the Financial Regulator) including administrative sanctions. The Act provides for the appointment of two executive members i.e. the Chairperson and the Deputy Chairperson and no fewer than one and no more than five lay members.

In 2007, the President made the first appointment of seven members to IFSAT. The rate of remuneration of the members of IFSAT as determined by the President (in accordance with Section 57D(5) of the 2003 Act) in 2007 is

Chairperson €1011.00 per day;

Deputy Chairperson €910.00 per day

Lay members €666.00 per day.

A reduction of 8% was applied by IFSAT in 2009:

Chairperson €930.12 per day;

Deputy Chairperson €837.20 per day

Lay members €607.20 per day.

The 2003 Act (as amended) imposes a variety of executive and administrative duties on the Chairperson and Deputy Chairperson. In 2007 the Chairperson and the Deputy Chairperson were required to allocate four days and two days respectively per month in the performance of those duties. In 2008 the commitment was reduced to two days for Chairperson and one day for the Deputy Chairperson with the consequent financial saving.

The number of appeals dealt with by IFSAT were as follows:

2004 – 2006 Nil

2007 1

2008 1

2009 2

2010 1

Remuneration of the Members from 2004 to 2010:

2004 - 2006 Administrative Fees: Nil

Hearing Fees: Nil

2007 Administrative Fees: €74, 954.40

Hearing Fees: €22, 528.00

2008 Administrative Fees: €53, 170.00

Hearing Fees: Nil

2009 Administrative Fees: €37, 531.00

Hearing Fees: €22, 804.00

2010 Administrative Fees: €37, 531.00

Hearing Fees: €2, 144.00

IFSAT expenses:

2007 €1, 725.00

2008 €500.00

2009 €485.00

2010 €628.00

Foreign travel and subsistence expenses of €1,639.00 for 2010 in respect of the Deputy Chairperson and Registrar were paid.