Dáil Éireann Debate, Thursday - 22 September 2011
87 Deputy Michael McGrath asked the Minister for Finance if he or any agency acting on his behalf, has completed an examination of the severance arrangements contained in contracts of employment in respect of senior executives currently employed by State-supported banks; and if he will make a statement on the matter. [25523/11]
View answer95 Deputy Michael McGrath asked the Minister for Finance the position regarding the review of remuneration practices at the covered financial institutions; and if he will make a statement on the matter. [25550/11]
View answerI propose to take Questions Nos. 87 and 95 together.
As alluded to by the Deputy in his questions, a review of remuneration policies and practices by each of the covered institutions is underway. As part of that review, the institutions were asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic environment and financial circumstances of the banks. An analysis of severance arrangements is also part of the review.
The review exercise is ongoing. I fully recognise that there is a real public interest in the levels of remuneration at the covered institutions and I will endeavour to have this completed in the shortest timeframe possible with a view to putting the information into the public domain.
