Michael McGrath (Cork South Central, Fianna Fail)
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78. To ask the Minister for Finance the number of staff in the financial institutions covered by the bank guarantee that have received so-called retention payments in 2014 and 2015 and the amount paid in retention payments at each bank in 2014 and 2015, in tabular form; if prior approval was required or sought from him; and if he will make a statement on the matter. [44648/15]

Michael Noonan (Limerick City, Fine Gael)
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The Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) per individual and no form of bonus remuneration, whether performance based or retention, is allowed. 

Officials in my Department have asked each of the banks to comment on the question asked by the Deputy and have received the following responses:1) Allied Irish Banks:"AIB operates within the provisions of the State Agreements and retention payments are not a feature of our Remuneration Policy."2) Bank of Ireland:"Publicly available information in relation to staffing remuneration is available in Bank of Ireland's Annual Reports and Pillar 3 Disclosures, all available on the Bank's website."3) Permanent TSB:"Permanent TSB does not pay retention payments to staff."

Michael McGrath (Cork South Central, Fianna Fail)
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79. To ask the Minister for Finance his views on the payment of bonuses or other retention payments at Permanent TSB; and if he will make a statement on the matter. [44650/15]

Michael Noonan (Limerick City, Fine Gael)
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This Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) and no form of remuneration with any variable pay component(s), whether performance based or otherwise or bonus payments are awarded or paid.

Since July 2011 Permanent TSB has had to comply with these restrictions on remuneration.  I have been informed by Permanent TSB that it continues to abide by the terms of that agreement and does not pay bonuses or retention payments to staff. 

The bank also confirms that a freeze on general pay increases has been in place since 2010. However, in a limited number of cases, it has agreed to match current market pay rates for individual staff members where it is clear that they are being paid below current market rates or they had taken on changed/new responsibilities and the bank will have to match current market rates to attract a replacement employee if the current employee decides to leave the bank.

Irish banks in which the State has a majority ownership position publish remuneration information on their websites. The figures provided for PTSB relate to the status at year end 2014 and are available in the link below: