Billy Kelleher
Question:29. Deputy Billy Kelleher asked the Minister for Finance when the report from Mercer Consultants on remuneration in the banking sector will be completed; and if he will make a statement on the matter. [50492/12]
View answerDáil Éireann Debate, Thursday - 15 November 2012
29. Deputy Billy Kelleher asked the Minister for Finance when the report from Mercer Consultants on remuneration in the banking sector will be completed; and if he will make a statement on the matter. [50492/12]
View answer63. Deputy Sandra McLellan asked the Minister for Finance with regard to the ongoing review into bankers' remuneration, the date on which the review will be completed; the cost of the review to date; the estimated final cost of the review; the level of engagement by his Department in this review in terms of the numbers of meetings and estimated staff time allowed for this purpose; the terms of reference of the review; and if any consideration is being given to an increase in the cap. [50509/12]
View answer83. Deputy Gerry Adams asked the Minister for Finance the cost of hiring Mercer Consultants to consider the issue of pay among top executives in the Irish Bank Resolution Corporation. [50699/12]
View answerI propose to take Questions Nos. 29, 63 and 83 together.
The Deputies will be aware that my Department is presently engaged in a Review of Remuneration Practices and Frameworks at the covered institutions. I have recently engaged, as I informed the Opposition Spokespersons on Finance, the services of Mercer (Ireland) Limited following a limited competitive tender competition to assist my Department in bringing this exercise to a conclusion. The estimated cost of the review, at this stage, is approximately €120,000.
The object of the review is to thoroughly review all remuneration practices at the covered institutions with the object of simplifying remuneration and compensation structures, discouraging excessive risk-taking and to better align pay and reward to long term value creation. Present Government policy on remuneration dictates that no employee, at the covered institutions may receive more than €500,000 (excluding pension contributions) per annum and remains in force.
Numerous engagements by my officials and Mercer have taken place since the awarding of the contract. I am expecting the consultant’s report to be delivered by year end whereupon consultations with the various stakeholders will commence.
As I have said previously, I fully recognise that there is a real public interest in the levels of remuneration at the covered institutions and have committed to placing the details underpinning the review into the public domain.