Michael McGrath (Cork South Central, Fianna Fail)
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Question 75: To ask the Minister for Finance if he will provide details of any reductions in basic pay which have imposed on or volunteered by the Chief Executive of Anglo Irish Bank and the senior management team in 2010 or to date in 2011. [19369/11]

Michael Noonan (Limerick City, Fine Gael)
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The bank has informed my Department that there were no reductions to the basic pay of its Chief Executive or any of its senior management team in 2010, or to date. Anglo Irish Bank is being run on an arms length commercial basis and it is therefore a matter, in the first instance, for the Board of the bank to formulate and implement its remuneration policy subject to the overall framework and limits on remuneration as outlined by Government for the covered institutions. However, as the Deputy will be aware, regarding the general issue of bank remuneration, I have asked the NTMA to request a review of remuneration policies and practices by each of the covered institutions. In that regard, the institutions have been asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic environment and financial circumstances of the banks. The review exercise is ongoing and the NTMA expects to receive the requested information shortly from all the institutions in order to allow a comprehensive evaluation to take place.