Dáil Éireann Debate, Tuesday - 20 November 2012
205. Deputy Michael McGrath asked the Minister for Finance if he will detail the remuneration packages, including salary, benefits, pension contributions, bonus or incentive payments/schemes and any temporary or other types of allowances, for the chief executives of Allied Irish Banks, Bank of Ireland, Permanent TSB, IBRC and for the chief executive of the National Treasury Management Agency and the National Assets Management Agency. [51230/12]
View answerI have been provided with the following information of current remuneration packages for the Chief Executives of Allied Irish Banks, Bank of Ireland, Permanent TSB, IBRC, National Treasury Management Agency and the National Assets Management Agency:
|
. |
Salary € (‘000) |
Pension €(‘000) |
Other benefits/ remuneration €(‘000) |
Amount Waived |
Total €(‘000) |
|
AIB |
425(1) |
63.75 |
- |
- |
488.75 |
|
Bank of Ireland(2) |
690 |
174 |
34 |
(67)(3) |
831 |
|
IBRC |
500 |
125 |
38 |
- |
663 |
|
Permanent TSB |
400 |
60 |
- |
- |
460(4) |
|
NTMA |
416.5(5) |
-(6) |
28.6(7) |
- |
445.1(8) |
|
NAMA |
365.5(5) |
-(6) |
24.5(7) |
- |
390(8) |
Notes:
1) Current salary of the AIB CEO following a voluntary 15% reduction in September 2012.
2) BoI totals as disclosed in 2011 Annual Report.
3) The voluntary waiver has been extended until 31 December 2012 and the BoI CEO has also foregone some pension benefits.
4) PTSB CEO also received vouched expenses of €52,034 in 2012 to compensate him for costs incurred in relocating to Ireland.
5) The salary amounts relating to the CEO’s of the NTMA and NAMA shown in the table are after the application of a 15% salary reduction.
6) The Public Service Pension Deduction is applied to the Chief Executives of the NTMA and NAMA. They are members of the NTMA defined benefit superannuation scheme and as members of the scheme prior to 1 January 2010 their pension benefits are based on final salary. The pension benefits of members who joined the scheme on or after 1 January 2010 are based on career average earnings. Unlike most public pension schemes which are funded on a pay as you go basis, the NTMA superannuation scheme is a funded scheme. Pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme. Pension contributions are not paid to individual employees – they are paid into the scheme. The level of potential pension payments to members is dependent on length of service, based on final salary or career average earnings, with 1/80th of salary accruing for each year of service.
7) Taxable benefits of NTMA and NAMA CEOs relate to car and health insurance as disclosed in 2011 annual reports.
8) The Chief Executives of the NTMA and NAMA waived any consideration for performance related pay in respect of 2010 and 2011.
