Pat Deering (Carlow-Kilkenny, Fine Gael)
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Question 68: To ask the Minister for Finance the amount of money paid in severance packages to retired and retiring chief executives of State and semi-State companies in the past four years; and the annual cost of their pensions. [36632/11]

Michael Noonan (Limerick City, Fine Gael)
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In response to the Deputy's Question, I wish to inform him that the remuneration structure in the NTMA is such that there are no general pay grades and all staff are on individually negotiated contracts. These contracts are confidential to the individual concerned. In the case of the Chief Executive, remuneration is determined by the Minister for Finance after consultation with the NTMA Advisory Committee. I responded to a Parliamentary question on 15 November 2011 (34663/11), in which I indicated that ten former employees are in receipt of pension payments from the NTMA. Eight persons are in receipt of pensions of less than €155,000 per annum while two are in receipt of pensions of greater than €155,000 per annum.

In relation to the former Chief Executive of the NTMA, no severance package was paid when he retired in December 2009. Details of the pension paid are confidential to the individual concerned. In relation to Mr David Drumm, the former Chief Executive Officer of Anglo Irish Bank Corporation Plc (now Irish Bank Resolution Corporation Limited) I have been informed that no severance package was paid to him upon his resignation on 19 December 2008 and there is no annual cost to the Bank in respect of his deferred pension entitlements.