Pearse Doherty (Donegal South West, Sinn Fein)
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208. To ask the Minister for Finance if he will outline the rationale for providing for a €100,000 termination bonus for the Financial Regulator who was appointed in January 2010 and who has recently tendered his resignation to the Central Bank of Ireland. [18462/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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210. To ask the Minister for Finance if he will outline the duties to be performed by the Financial Regulator during his remaining six months employment at the Central Bank of Ireland; and if he will provide the expected salary and allowances to be paid to the Financial Regulator during this period. [18464/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 208 and 210 together.

The terms of the contract agreed by the Central Bank with the Deputy Governor Financial Regulation provided for a performance related payment of €100,000 payable on review of performance at the end of the third year of the contract. When Mr. Elderfield's contract was agreed in November 2009 the bonus was part of an agreed remuneration package which involved a 50% pay cut from his salary in Bermuda. Mr. Elderfield subsequently took a 15% cut in his Central Bank salary.

Mr. Elderfield agreed to defer the payment of any possible performance related bonus, which was due in January 2013, as part of his terms and conditions of employment agreed, until the end of his employment with the Bank. Mr. Elderfield has subsequently advised the Commission of the Central Bank that he has waived his €100,000 bonus entitlement at the end of his contract of employment. The Deputy Governor of Financial Regulation will continue performing the duties as outlined in the contract of employment. However, where a conflict of interest could be perceived in supervisory and other issues he will step away with immediate effect from involvement in these issues. Remuneration for the period is as per the terms in the contract of employment.

Pearse Doherty (Donegal South West, Sinn Fein)
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209. To ask the Minister for Finance if he will outline the process for the appointment of a new Financial Regulator; and if the post is likely to be filled before the outgoing Financial Regulator leaves the Central Bank of Ireland in six months. [18463/13]

Michael Noonan (Limerick City, Fine Gael)
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Under section 23B of the Central Bank Act 1942 the Central Bank Commission can, with the consent of the Minister for Finance, appoint suitably qualified persons as Heads of Function. I am informed by the Central Bank that the position has been advertised in The Irish Times and will also be advertised in The Economist and the Financial Times. The Central Bank has partnered with an international executive search firm to assist on this assignment. The search and selection process is designed to ensure that the Central Bank identify a shortlist of strong potential candidates and that the best candidate is selected. It is the Central Bank's intention to identify a preferred candidate as soon as possible; the official start date will depend on the personal circumstances of the successful candidate.

2011/12 Student Grants by VEC and Level of Grant

Total Number of Students in receipt of the Special Rate of Grant 2011/12 - 20,274*.

* The numbers of students in receipt of the special rate amount are included in the overall total of 76,644