Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance his views on whether there should be equality of treatment for beneficiaries of the TSB bank pension scheme when compared with actions undertaken at other covered banks to address their pension scheme deficits; and if he will make a statement on the matter. [9520/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware all the staff pension schemes within the Covered Institutions are separate entities set up under Trust and managed by Trustees and the individual circumstances and issues arising can vary widely between the institutions. The level of benefit payable under each scheme reflects the historical nature of the scheme and its funded position and is a matter for the Trustees to manage in consultation with the relevant employer.

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if protocols exist between his Department and the covered banks in relation to addressing a deficit on its employee pension schemes; and if he will make a statement on the matter. [9521/13]

Michael Noonan (Limerick City, Fine Gael)
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The relationship between the Department and the covered banks is governed by the Relationship Framework Agreements which are published on the Department of Finance website at . These provide that the State will not intervene in the day-to-day operations of the banks or their management decisions. These decisions are taken by the board and management of the individual institutions. I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the value of the banks as assets to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF.

Decisions in relation to the pension schemes of the Banks are matters for the Boards of the institutions and the independent trustees of the individual schemes, having due regard to legal requirements under the Pensions Act. Given the importance of pension deficits to the evolution of bank capital under the forthcoming new Capital Requirements Directive and Regulations, my officials pay close attention to developments in this area.