Dáil Éireann Debate, Tuesday - 20 November 2012
207. Deputy Michael McGrath asked the Minister for Finance if he will provide in detail the remuneration package paid including salary, benefits, pension, bonus and incentives, including the potential to establish a bonus and or incentive scheme, and any other non-standard benefits or allowances for the new chief risk officer of AIB; and if he will confirm when he approved the package. [51232/12]
View answerI am informed by AIB that the terms and conditions of all new staff appointments made by AIB are completed in strict accordance with the various agreements on pay and remuneration between AIB and the Minister for Finance entered into as part of the recapitalisation process of the bank. These agreements include a total remuneration limit of €500,000 annually for an individual, excluding pension payments. AIB has confirmed to me that it is fully compliant with these restrictions and including pension payments the bank does not have any staff member earning in excess of €500,000 per year. Additionally, the Bank does not operate a bonus system for staff and there is no executive incentive scheme in place at the bank. Any relevant disclosures in relation to individual remuneration packages of Senior Executives are contained in the Bank's published accounts. The Minister is not required to approve the remuneration packages of individual appointments prior to appointment.
The Chief Risk Officer’s appointment was approved by the Central Bank on 6 February 2012.
