Michael McGrath (Cork South Central, Fianna Fail)
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Question 76: To ask the Minister for Finance if there have been any reductions in basic pay, either voluntarily or by imposition, with the exception of the CEO post as provided for or governed by the Covered Institutions Remuneration Oversight Committee, in senior management positions in Bank of Ireland in 2010 or to date in 2011 and, if so, if he will provide the relevant details. [19370/11]

Michael Noonan (Limerick City, Fine Gael)
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The three members of the Group Executive Committee who were in situ in May 2009 have waived at least 10% of their basic salaries and this waiver is still in force. Details are published in the Bank's Annual Report for the year ended 31 December 2010. No reduction in basic salary has occurred for the remaining members of the Group Executive Committee and the Senior Executive Team in situ in 2010 and to date in 2011.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 77: To ask the Minister for Finance if there have been any reductions in basic pay, either voluntarily or by imposition, with the exception of the CEO post as provided for or governed by the Covered Institutions Remuneration Oversight Committee, in senior management positions in AIB in 2010 or to date in 2011 and, if so, if he will provide the relevant details. [19371/11]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by AIB that members of the senior management team took the appropriate reductions in pay arising from the CIROC recommendations and the terms of the Subscription Agreement of May 2009. No reductions in basic pay occurred in 2010 and to date in 2011 in respect of the senior management team other than one reduction to a member of the team to ensure on-going compliance with the above.

AIB 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.