Terence Flanagan
Question:218. Deputy Terence Flanagan asked the Minister for Finance if he will deal with a matter (details supplied) regarding bankers pay; and if he will make a statement on the matter. [47612/12]
View answerTuesday, 6 November 2012
Questions (218)
Written answers
A review of remuneration practices and frameworks at the State supported banks – a Programme for Government commitment - is presently underway. I have noted the concerns raised by the Deputy’s constituent in relation to bankers pay in that context. The present cap on remuneration remains in place. In relation to the suggestion of a tax on bonuses I would point out that existing legislation allows for a special Universal Social Charge rate of 45% - in addition to income tax and PRSI statutory deductions - to be applied to the payment of bonuses exceeding €20,000 to an employee of a State supported covered institution. The payment of bonuses at these institutions is presently prohibited.