Michael McGrath (Cork South Central, Fianna Fail)
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Question 140: To ask the Minister for Finance the remuneration package in place for the chief executive officer of Anglo Irish Bank. [22502/11]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the covered institutions continue to be managed at arms length basis, not withstanding the large shareholding the State holds, in relation to operational matters subject to compliance with prevailing Government policy. This is important from the point of view of ensuring that their operations are managed, by their respective boards and management on a commercial basis in the best interests of, in the case of Anglo Irish Bank, the State. I am advised by the bank that the remuneration package applicable to the Group Chief Executive post consists of a base salary with additional benefits including monthly contribution to a defined contribution pension scheme, a car allowance, a temporary rent allowance, agreed travel expenses, agreed relocation related expenses and club subscriptions.

In relation to the issue of the base salary applying to the position in the Deputy's question, the prevailing Government policy revolves around the recommendations of the Covered Institutions Remuneration Oversight Committee (CIROC) set up by my predecessor. The base salary applicable to the post of Group Chief Executive of the bank is set at €500,000 in line with the CIROC recommendation as amended by Government in March 2009.

The bank further informs me that it does not operate a performance related bonus scheme for executives hence no annual performance bonus has been paid or awarded to the Group Chief Executive during the year ended 31 December 2010.

Further information in relation to the remuneration of the Group Chief Executive is published in Note 54 to the bank's Annual Report and Accounts 2010.

The Deputy will be aware that, as part of the remuneration review underway at the covered institutions, 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.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 141: To ask the Minister for Finance if, following the merger of Anglo Irish Bank and Irish Nationwide, any senior executive in the newly merged institution will be having his or her remuneration package reduced; and if he will provide an organisation chart of the way the new institution will look from a corporate governance perspective. [22522/11]

Michael McGrath (Cork South Central, Fianna Fail)
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Question 150: To ask the Minister for Finance if, following the merger of AIB and EBS, any senior executive in the newly merged institution will be having his or her remuneration package reduced; and if he will provide an organisation chart of the way the new institution will look from a corporate governance perspective. [22618/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 141 and 150 together.

The Deputy will be aware that the merger of the respective institutions referred to in his questions was announced on 1 July 2011. The future organisational and operational structures of the combined entities is under detailed consideration. This will be finalised over time in a manner which creates the best possible fit to deliver on the Government's policy of restructuring the banking sector to achieve the objectives of returning the sector to long-term viability and profitability and breaking dependence on the State.

In relation to the issue of remuneration raised by the Deputy in his questions, he will be aware that, as part of the remuneration review underway at the covered institutions, 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.