Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will detail the remuneration packages, including salary, benefits, pension contributions, bonus or incentive payments/schemes and any temporary or other types of allowances, for the chief executives of Allied Irish Banks, Bank of Ireland, Permanent TSB, IBRC and for the chief executive of the National Treasury Management Agency and the National Assets Management Agency. [51230/12]

Michael Noonan (Limerick City, Fine Gael)
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I have been provided with the following information of current remuneration packages for the Chief Executives of Allied Irish Banks, Bank of Ireland, Permanent TSB, IBRC, National Treasury Management Agency and the National Assets Management Agency:

Notes:

1) Current salary of the AIB CEO following a voluntary 15% reduction in September 2012.

2) BoI totals as disclosed in 2011 Annual Report.

3) The voluntary waiver has been extended until 31 December 2012 and the BoI CEO has also foregone some pension benefits.

4) PTSB CEO also received vouched expenses of €52,034 in 2012 to compensate him for costs incurred in relocating to Ireland.

5) The salary amounts relating to the CEO’s of the NTMA and NAMA shown in the table above are after the application of a 15% salary reduction.

6) The Public Service Pension Deduction is applied to the Chief Executives of the NTMA and NAMA. They are members of the NTMA defined benefit superannuation scheme and as members of the scheme prior to 1 January 2010 their pension benefits are based on final salary. The pension benefits of members who joined the scheme on or after 1 January 2010 are based on career average earnings. Unlike most public pension schemes which are funded on a pay as you go basis, the NTMA superannuation scheme is a funded scheme. Pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme. Pension contributions are not paid to individual employees – they are paid into the scheme. The level of potential pension payments to members is dependent on length of service, based on final salary or career average earnings, with 1/80th of salary accruing for each year of service.

7) Taxable benefits of NTMA and NAMA CEOs relate to car and health insurance as disclosed in 2011 annual reports.

8) The Chief Executives of the NTMA and NAMA waived any consideration for performance related pay in respect of 2010 and 2011.

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide in detail the remuneration package paid including salary, benefits, pension, bonus and incentives, including the potential to establish a bonus and or incentive scheme, and any other non-standard benefits or allowances for the new chief risk officer of Irish Bank Resolution Corporation and if he will confirm when he approved the package. [51231/12]

Michael Noonan (Limerick City, Fine Gael)
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The annual report & accounts of IBRC outlines in detail the remuneration of its individual directors and the aggregate compensation details of its key management personnel. Mr Kevin Blake, in his capacity as the Bank’s CRO, is included in key management personnel and therefore details of his individual remuneration package are not disclosed. I have been advised by IBRC that there are no bonus or incentive payments/ schemes in place for any of the directors, key management personnel or staff of the Bank. The package was approved on the 11th June as required under the Relationship Framework.

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide in detail the remuneration package paid including salary, benefits, pension, bonus and incentives, including the potential to establish a bonus and or incentive scheme, and any other non-standard benefits or allowances for the new chief risk officer of AIB; and if he will confirm when he approved the package. [51232/12]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by AIB that the terms and conditions of all new staff appointments made by AIB are completed in strict accordance with the various agreements on pay and remuneration between AIB and the Minister for Finance entered into as part of the recapitalisation process of the bank. These agreements include a total remuneration limit of €500,000 annually for an individual, excluding pension payments. AIB has confirmed to me that it is fully compliant with these restrictions and including pension payments the bank does not have any staff member earning in excess of €500,000 per year. Additionally, the Bank does not operate a bonus system for staff and there is no executive incentive scheme in place at the bank. Any relevant disclosures in relation to individual remuneration packages of Senior Executives are contained in the Bank's published accounts. The Minister is not required to approve the remuneration packages of individual appointments prior appointment.

The Chief Risk Officer’s appointment was approved by the Central Bank on 6 February 2012.