Written answers

Wednesday, 7 November 2012

Department of Finance

Banking Sector Remuneration

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide in tabular form for each covered institution, the number of retired employees currently being paid a pension; if he will show separately the number currently in the employment of the covered institution but who will in due course be entitled to a pension, of between €100,000 to €200,000, between €200,001 and €300,000, between €300,001 and €400,000, between €400,001 and €500,000 and in excess of €500,000. [49037/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Unfortunately, it is not possible to supply the information the Deputy has requested at this time. My officials and officials in the covered institutions (in conjunction with certain of the trustees of the underlying pension schemes) are considering a number of issues, including the provisions of the Data Protection Act, which may prevent me from releasing some (or all) of the data which you have requested. Notwithstanding these issues, the production of this data is a time consuming task for certain of the covered institutions and the collection of the data has not yet been completed by them. I will write to the Deputy as soon as I am in a position to do so.

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he or his officials have had direct contact with Allied Irish Bank in relation to the commitment given by the Chairman of the bank at the last annual general meeting to contact the former chief executives of the bank to request a voluntary reduction in their pension entitlements; and if he will make a statement on the matter. [49038/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I understand that Department of Finance officials have been in contact with AIB in relation to this matter. I am informed that AIB has written to former senior executives at the bank requesting a voluntary contribution or reduction in their pension. This process is ongoing as other individuals are written to including former staff of EBS. I understand that this is a technically complex matter from a Tax and Revenue perspective which will require further analysis. However, at a minimum, former executives should they choose could make an after-tax contribution of a portion of their pension. As this is a voluntary request and given that there is a statutory prohibition on reducing pension amounts once the relevant pension is in payment, it will be a matter for the individuals concerned to agree to the amount and scope of the proposal.

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