Dáil Éireann Debate, Tuesday - 13 November 2012
205. Deputy Pearse Doherty asked the Minister for Finance in respect of the €1.1billion top-up made by Allied Irish Banks to that Bank’s group pension scheme in August 2012, set out the contact or contacts the Bank had with him or his Department regarding to the transaction, specifically the date and nature of the contact or contacts. [49491/12]
View answerThe Deputy will be aware that a Relationship Framework was specified and published in March 2012. This document defines the nature of the relationship and interaction between the Minister for Finance and AIB. I can confirm to the Deputy that as the asset transfer to AIB’s pension scheme was required to fund the Bank’s Early Retirement and Voluntary Severance Programme, the Department of Finance was consulted on numerous occasions during 2012 in relation to this transaction.
However, I must point out that this transaction was a commercial decision for the Bank. I am informed that this transfer was approved by AIB’s Board of Directors and also the Bank’s deleveraging committee, which includes non-voting observers from the Department of Finance and the Central Bank of Ireland.
