Pearse Doherty (Donegal South West, Sinn Fein)
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167. To ask the Minister for Finance if he will provide an explanation for the €284,000 of ex-gratia payments paid to former directors/dependents referred to on page 127 of the 2012 annual report and accounts of Bank of Ireland, a bank in which he controls 15% of the ordinary shares and €1.5bn of preference shares. [20017/13]

Michael Noonan (Limerick City, Fine Gael)
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I have received the following response from Bank of Ireland:- “Many years ago, certain non-executive directors received pensions from the Group. The amount shown in the 2012 Group accounts relates to the pension payments to the small residual number (10) of beneficiaries of such arrangements. The majority of the beneficiaries are in their late 80’s or early 90’s. Payments were only made in respect of part of the year for two of the beneficiaries who died during 2012. Since year-end, we have been informed of the deaths of two more of the beneficiaries. The payments will therefore be further reduced in the 2013 accounts and will continue to reduce in following years. It has been many years since new pension arrangements were put in place for non-executive directors”.