Written answers
Tuesday, 13 November 2012
Department of Finance
Banking Sector Remuneration
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in respect of Allied Irish Bank, if he will provide a listing of the public interest directors appointed to that bank since 2008; the total remuneration paid to each such director and the date on which their appointments expire. [49474/12]
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in respect of the Educational Building Society, if he will provide a listing of the public interest directors appointed to that bank since 2008; the total remuneration paid to each such director and the date on which their appointments expire. [49475/12]
Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 191 and 192 together.
In relation to the public interest directors in EBS, Mr. Anthony Spollen and Ms. Ann Riordan were appointed in January 2009. However, these directors resigned from their positions on 30 June 2011, prior to the acquisition of EBS Building Society by AIB on 1 July 2011. EBS now operates as a subsidiary of AIB. In relation to the public interest directors appointed to AIB since 2008, Mr. Declan Collier and Mr. Dick Spring were appointed in January 2009. However, Mr. Declan Collier resigned from the board with effect from AIB’s AGM on 28 June 2012.
Under the terms of the Government’s 2009 preference share investment in AIB and the Bank’s articles of association, there is currently no set expiry date relating to the public interest directors at AIB.
Information regarding the remuneration of these public interest directors can be found in the table and in the published annual reports of the institutions.
| Fee Year | AIB Public Interest Directors* | Fees € | Directors’ Remuneration Report |
|---|---|---|---|
| 2009 | Mr Dick Spring Mr Declan Collier | 26,000 29,000 | From pg262 of 2009 Annual Report |
| 2010 | Mr Dick Spring Mr Declan Collier | 47,000 40,000 | From pg299 of 2010 Annual Report |
| 2011 | Mr Dick Spring Mr Declan Collier | 59,000 71,000 | From pg380 of 2011 Annual Report |
Note Dr. Michael Somers is a Government Nominee (not a Public Interest Director) appointed to the AIB board on 14 January 2010 under the terms of NPRFC’s investment of €3.5bn in AIB of May 2009.
| Fee Year | EBS Public Interest Directors | Fees € | Directors’ Remuneration Report |
|---|---|---|---|
| 2009 | Mr Anthony Spollen Ms Ann Riordan | 37,500 37,500 | From pg23 of 2009 Annual Report |
| 2010 | Mr Anthony Spollen Ms Ann Riordan | 29,000 29,000 | From pg24 of 2010 Annual Report |
| 2011 | Mr Anthony Spollen Ms Ann Riordan | 14,500 15,600 | From pg138 of 2011 Annual Report |
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in respect of Bank of Ireland, if he will provide a listing of the public interest directors appointed to that bank since 2008; the total remuneration paid to each such director and the date on which their appointments expire. [49476/12]
Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware this Government has not appointed any public interest directors to the boards of the Covered Banks since taking office. The details of the public interest directors appointed to Bank of Ireland (BOI) are shown in the table below. Both of the Public Interest Directors in Bank of Ireland were appointed in January 2009. Information regarding the remuneration of directors, including public interest directors, can be found in the Bank’s published Annual Reports. There is currently no set expiry date relating to the public interest directors at BOI.
| Fee Year | Public Interest Directors | Fees € | Directors’ Remuneration Report |
|---|---|---|---|
| 2009* | Mr Tom Considine Mr Joe Walsh | 79,000 80,000 | From pgs123&124 of 2009 Annual Report |
| 2010 | Mr Tom Considine Mr Joe Walsh | 90,000 79,000 | From pg176 of 2010 Annual Report |
| 2011 | Mr Tom Considine Mr Joe Walsh | 90,000 79,000 | From pg160 of 2011 Annual Report |
* On Feb 1, 2009 all Non-Executive Directors, the Governor and Deputy Governor took a 25% reduction in salary/fees. Fees include a basic fee and additional fees for Committee membership and Committee Chairmen.
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in respect of Irish Nationwide Building Society, if he will provide a listing of the public interest directors appointed to that bank since 2008; the total remuneration paid to each such director and the date on which their appointments expire. [49477/12]
Michael Noonan (Limerick City, Fine Gael)
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I have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Nationwide Building Society, both of whom have resigned from the Board at this stage.
| Director | Date of Appointments | Date of Resignation |
|---|---|---|
| Adrian Kearns | 23 January 2009 | 30 June 2011 |
| Rory O’Ferrall | 23 January 2009 | 30 June 2011 |
Total remuneration for the respective Directors in the period from appointment to June 2011 is outlined in the table.
| Director | 12 months ended December 2009(€’000) | 12 months ended December 2010(€’000) | 6 months ended June 2011(€’000) |
|---|---|---|---|
| Adrian Kearns | 55 | 36 | 18 |
| Rory O’Ferrall | 55 | 36 | 18 |
Since nationalisation there are no specific public interest directors on the board of IBRC. However all appointments to the board of the bank are approved by the Minister for Finance under the terms and conditions attaching to the nationalisation of the bank. The Minister for Finance has extensive powers in relation to the appointment and removal of Chairpersons, CEOs and Ordinary Board Members under the Anglo Irish Bank Act 2009.
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in respect of Anglo Irish Bank, if he will provide a listing of the public interest directors appointed to that bank since 2008; the total remuneration paid to each such director and the date on which their appointments expire. [49478/12]
Michael Noonan (Limerick City, Fine Gael)
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I have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Bank Resolution Corporation Limited.
| Director | Date of Appointment | Date of Resignation |
|---|---|---|
| Frank Daly | 18 December 2008 | 22 December 2009 |
| Alan Dukes* | 18 December 2008 |
* Mr. Dukes was appointed as Non-executive Chairman on 14 June 2010.
Non-executive Directors are appointed initially for three years, and subject to satisfactory performance may be re-appointed for additional terms. Mr. Dukes having duly reached the end of his initial three-year term as a Non-executive Director in December 2011 was re-appointed by the Board for a further three-year period as Non-executive Director as and from that date.
Total remuneration for the respective Directors in the period from appointment to December 2011 is outlined in the table.
Name | 15 months ended December 2009(€’000) | 12 months ended December 2010(€’000) | 12 months ended December 2011(€’000) |
|---|---|---|---|
| Frank Daly | 98 | - | - |
| Alan Dukes | 102 | 127 | 150 |
The Board of IBRC has agreed that the annual fee payable for the position of Chairman of the Board should be reduced by 15% to €212,500 effective from 1 July 2012, in line with the 15% reduction in fees payable to all non-executive directors. In addition, the Chairman has agreed to take an annual fee of €112,500 effective from 1 July 2012, which is €100,000 lower than the agreed contractual fee.
Since nationalisation there are no specific public interest directors on the board of IBRC. However all appointments to the board of the bank are approved by the Minister for Finance under the terms and conditions attaching to the nationalisation of the bank. The Minister for Finance has extensive powers in relation to the appointment and removal of Chairpersons, CEOs and Ordinary Board Members under the Anglo Irish Bank Act 2009.
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in respect of Irish Bank Resolution Corporation, if he will provide a listing of the public interest directors appointed to that bank since 2011; the total remuneration paid to each such director and the date on which their appointments expire. [49479/12]
Michael Noonan (Limerick City, Fine Gael)
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I have been advised that Irish Bank Resolution Corporation Limited has not appointed any public interest directors under the terms of the Government Guarantee Scheme since 2011. All appointments to the board of the bank are approved by the Minister for Finance under the terms and conditions attaching to the nationalisation of the bank. The Minister for Finance has extensive powers in relation to the appointment and removal of Chairpersons, CEOs and Ordinary Board Members under the Anglo Irish Bank Act 2009. As stated in response to PQ 49478/12 Mr. Frank Daly and Mr. Alan Dukes were appointed as public interest directors under the terms of the Government Guarantee Scheme in December 2008. Mr Frank Daly resigned on the 22nd December 2009. Mr Alan Dukes was appointed as non-executive Chairman on the 14th June 2010.
Further details of all directors remuneration is provided in the annual reports.
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