Micheál Martin (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he has considered capping senior banking officials salaries; and if he will make a statement on the matter. [54060/12]

Michael Noonan (Limerick City, Fine Gael)
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Present Government policy on remuneration, at the Covered Institutions which is a development of previous Government policy, dictates that no employee at any of the four institutions may receive annual aggregate remuneration (excluding pension contributions) of more than €500,000. This policy is being enforced as evidenced by the remuneration packages agreed for the respective positions of Chief Executive Officer at AIB & PTSB. The Deputy will be aware that my Department is presently engaged in a Review of Remuneration Practices and Frameworks at the covered institutions. The purpose of the exercise 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.

I am expecting the final report from the consultants engaged in the review to be delivered shortly whereupon I will start consultations with the various stakeholders.

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