Written answers
Thursday, 17 April 2014
Department of Finance
Banking Sector Remuneration
Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source
76. To ask the Minister for Finance if he will provide details for each of the State supported banks including Irish Bank Resolution Corporation in liquidation of the number of employees with a remuneration package of between €100,000 and €150,000; a remuneration package of between €150,001 and €200,000; a remuneration package of between €200,001 and €300,000; a remuneration package of between €300,001 and €400,000; a remuneration package of over €400,000; if any such employees have yet taken a reduction in their remuneration on foot of the Mercer report; and if he will make a statement on the matter. [18476/14]
Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source
As the Deputy will be aware the Review of Remuneration Practices & Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12 March 2013. The following breakdown of total salary and remuneration appears on page 43 of that review.
- | AIB | AIB | BOI | BOI |
---|---|---|---|---|
Number of staff | Salary | Remuneration | Salary | Remuneration |
€300,000 - €399,999 | 7 | 11 | 20 | 34 |
€400,000 - €499,999 | 3 | 11 | 12 | 15 |
€500,000 or over | 0 | 0 | 6 | 11 |
# | # | AIB | BoI(2), | IBRC | PTSB |
---|---|---|---|---|---|
Chief Executive | Number of employees | 1 | 1 | 1 | 1(4) |
# | Salary | €425,000 | €623,000(3) | €500,000 | €400,000 |
# | Total Remuneration | €488,800 | €776,400 | €683,600 | €460,000 |
Senior Executives (1) | Number of employees | 8 | 8 | 7 | 9 |
# | Salary | €327,200 | €408,3003 | €365,100 | €209,300 |
# | Total Remuneration | €434,200 | €517,400 | €535,700 | €269,600 |
Executives | Number of employees | 118 | 103 | 46 | 20 |
# | Salary | €174,800 | €198,700 | €184,100 | €173,900 |
# | Total Remuneration | €230,100 | €251,800 | €253,900 | €220,100 |
Senior Manager / Manager | Number of employees | 2,199 | 3,326 | 291 | 271 |
# | Salary | €87,100 | €76,800 | €87,200 | €83,000 |
# | Total Remuneration | €108,300 | €96,600 | €115,600 | €109,200 |
Assistant Manager / Senior Specialist | Number of employees | 3,508 | 2,405 | 219 | 554 |
# | Salary | €51,500 | €49,800 | €55,100 | €52,700 |
# | Total Remuneration | €62,300 | €61,200 | €61,900 | €65,200 |
Senior Clerical / Specialist | Number of employees | 1,584 | 3,617 | 237 | 518 |
# | Salary | €44,100 | €41,800 | €40,400 | €43,800 |
# | Total Remuneration | €54,600 | €49,900 | €45,100 | €54,900 |
Clerical | Number of employees | 7,034 | 4,789 | 200 | 982 |
# | Salary | €32,600 | €29,600 | €31,300 | €30,000 |
# | Total Remuneration | €37,300 | €35,800 | €34,500 | €34,400 |
1. The Leadership Team in AIB.
2. US employees are not included in the corporate grading structure and are therefore not included in this analysis.
3. Salary figures are net of a voluntary waiver where applicable.
4. 2012 Chief Executive data extracted from responses to recent Parliamentary Questions.
Since the Mercer Report was published further remuneration reductions have been targeted and implemented by the various banks particularly in the pensions area. At Bank of Ireland a circa. €400m gain was crystalised in the bank's balance sheet at year end, reflecting reduced benefits flowing from the bank's main pension fund. In addition the Deputy will be aware that current and former staff at ptsb have incurred the closure of their defined benefit pension scheme while at AIB the defined benefit pension scheme was closed to future accrual and staff agreed to various other measures including increased working hours.
Finally I have been advised by the Special Liquidators that there were a total of 978 employees in IBRC on the date of the Special Liquidation, 07 February 2013. Of these, 468 people remain employed and 10 of these are currently serving out their notice periods. The remaining 458 employees are currently scheduled to exit at various dates as the liquidation is completed. I am advised that the average salary of staff in IBRC (in Special Liquidation) has fallen to €72,000.
Since the Mercer report was published there have been no general salary increases at the Government supported banks while the payment of bonuses remains prohibited.
No comments