Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance further to Parliamentary Question No. 205 of 20 November 2012, if he will explain the way the annual pension contribution of Allied Irish Banks chief executive (details supplied) of €63,750 is calculated and if this figure represents the annualised value of the amount of money invested by the bank into the company’s pension fund on their behalf or if it is based on an per-employee average of total contributions by the bank into the company’s pension scheme for all employees; if he will outline their pension entitlement would be an annualised basis if they reach the retirement age at AIB as per the terms of their remuneration contract with the bank. [53850/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy will be aware officials in my Department and Mercer have been working on a remuneration review of the Covered Banks and do not currently have the information you have requested. My officials and the banks have provided a very significant level of detail on remuneration and pensions in the Covered Banks and other institutions in tight timeframes. We have received over 50 Parliamentary Questions on these topics alone in recent weeks. The further more detailed information sought in this question is not available to my Department at the present time and the compilation of this information, particularly the historic element, is likely to delay completion of the Mercer Remuneration Report which is a Government priority. I have committed to publishing the details underpinning the review in view of the public interest in the matter. The report will provide a comprehensive and professional analysis of remuneration structures and levels across the Covered Banks both now and before the onset of the banking crisis. As part of the review process I will ask my officials to engage with the banks to agree an appropriate level of public disclosure relating to remuneration that ensures an appropriate balance between the public good and the commercial and data protection issues which arise for the Covered Banks.