Michael McGrath (Cork South Central, Fianna Fail)
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Question 70: To ask the Minister for Finance if he will provide full details, including the number of current and former employees affected and the amount of money involved, of any performance-related or contractual-related bonuses or deferred bonuses paid by any of the covered institutions in December 2011 or which fall due for payment in January 2012; and if he will make a statement on the matter. [41005/11]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the respective covered institutions that no payments, as described in the Deputy's question, have occurred. For the sake of completeness, the Deputy should be aware that payments other than bonus payments of the type referred to in his question continue to arise. For example, sales commission payments continue to be paid in some of the covered institutions where this is an integral part of the employees' remuneration structure. In addition, where the institutions are deleveraging businesses or assets at overseas locations retention and contractual payments deemed necessary to achieve optimal results arise.

The Deputy will also note that payments to certain staff at EBS ltd, described as bonus payments in the relevant contracts, were not paid on the basis that the provisions underpinning the State's investment in the covered institutions prohibits the payment or awarding of bonuses whatsoever. While I have indicated, on the floor of the House, that I am anxious for the matter to be resolved any resolution will have to respect the parameters and conditions of the State's investment.