I propose to take Questions Nos. 217 to 219, inclusive, together.
The salary and benefits of the Chief Executive Officer (CEO) were fully disclosed on Page 62 of the 2011 Annual Report of Irish Life & Permanent Group Holdings plc which is available at www.permanenttsbgroup.ie. In summary the CEO of Irish Life & Permanent who has been CEO of Irish Life since it’s separation in June 2012, received a salary in 2011 of €500,000 and other remuneration of €86,000.
I have been informed that the policy of Irish Life is that CEO expenses are only paid in respect of vouched expenditure and that this is provided for in the CEO’s contract. I have also been informed that the CEO has a permanent contract and that no termination payments are provided for in that contract.
The Deputy should also be aware that the current CEO will be retiring shortly and that a search for a new CEO has been ongoing, internally and externally, for several months. Irish Life & Permanent Group Holdings made an announcement in this regard on 26 June 2012.