Billy Kelleher (Cork North Central, Fianna Fail)
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To ask the Minister for Finance when the report from Mercer Consultants on remuneration in the banking sector will be completed; and if he will make a statement on the matter. [50492/12]

Sandra McLellan (Cork East, Sinn Fein)
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To ask the Minister for Finance with regard to the ongoing review into bankers remuneration, the date on which the review will be completed; the cost of the review to date; the estimated final cost of the review; the level of engagement by his Department in this review in terms of the numbers of meetings and estimated staff time allowed for this purpose; the terms of reference of the review; and if any consideration is being given to review considering increase in cap. [50509/12]

Gerry Adams (Louth, Sinn Fein)
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To ask the Minister for Finance the cost of hiring Mercer Consultants to consider the issue of pay among top executives in the Irish Bank Resolution Corporation. [50699/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 29, 63 and 83 together.

The Deputies will be aware that my Department is presently engaged in a Review of Remuneration Practices and Frameworks at the covered institutions. I have recently engaged, as I informed the Opposition Spokespersons on Finance, the services of Mercer (Ireland) Limited following a limited competitive tender competition to assist my Department in bringing this exercise to a conclusion. The estimated cost of the review, at this stage, is approximately €120,000.

The object of the review is to thoroughly review all remuneration practices at the covered institutions with the object of simplifying remuneration and compensation structures, discouraging excessive risk-taking and to better align pay and reward to long term value creation. Present Government policy on remuneration dictates that no employee, at the covered institutions may receive more than €500,000 (excluding pension contributions) per annum and remains in force.

Numerous engagements by my officials and Mercer have taken place since the awarding of the contract. I am expecting the consultant’s report to be delivered by year end whereupon consultations with the various stakeholders will commence.

As I have said previously, I fully recognise that there is a real public interest in the levels of remuneration at the covered institutions and have committed to placing the details underpinning the review into the public domain.