Banking Sector Remuneration

Dáil Éireann Debate, Tuesday - 13 November 2012

Tuesday, 13 November 2012

Questions (220)

Pearse Doherty

Question:

220. Deputy Pearse Doherty asked the Minister for Finance if he has contacted Irish Life, a company wholly owned by him, requesting staff whose annual salary is in excess of €200,000 to waive 15% of their salary or such amount in excess of €200,000 whichever is the lesser; and if he has, the date on which he first made this contact; the number of staff whose annual salaries were in excess of €200,000 at that date; the number of staff who acquiesced to the request for the waiver; the number of staff who refused the request for the waiver and the number of staff who have not responded to the request for the waiver. [49508/12]

Written answers

Minister for Finance

I have not asked staff whose annual salaries are in excess of €200,000, of which there are currently 11, to waive a portion of their salaries. Irish Life is in a different position to the other financial institutions under our control in that it is profitable and operates in a very different competitive marketplace to the banks in which we have an interest. As the Deputy will be aware, we intend to sell Irish Life as soon as is practicable and in the meantime need to ensure that the board and management of the institution operate in a manner which will maximise the value for the taxpayer at sale.