Gerry Adams (Louth, Sinn Fein)
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To ask the Minister for Finance the reason he spent €119,000 plus VAT of taxpayers’ money on a report on bankers’ pay. [14074/13]

Michael Noonan (Limerick City, Fine Gael)
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The purpose of the Review of Remuneration Practices and Frameworks at the Covered Institutions was to have the factual position on bankers’ remuneration over the period 2008 – 2012 placed in context that would enable an evidenced based policy to be developed and implemented in consultation with the various stakeholders. The review was undertaken to fulfil a commitment contained in the Programme for Governmentthat"All remuneration schemes at banks subject to state support will undergo a fundamental review to ensure an alignment of interest between banks, their staff and thetaxpayer". In addition there was evident public interest in the matter hence the reason to publish the Review in full.

The use of external consultants was necessary to supplement the resources and expertise available internally whilst also promoting the independence and integrity of the Review.