Dáil Éireann Debate, Thursday - 22 November 2012
71. Deputy Pearse Doherty asked the Minister for Finance if he will provide in tabular form the full remuneration packages for each of the chief executive officers of the covered banking institutions and the National Asset Management Agency and the National Treasury Management Agency and provide a breakdown on the basis of base salary, pension contributions and additional remuneration for 2009, 2010, 2011 and 2012. [52102/12]
View answerThe Deputy should note that I have already provided the latest available information when responding to an earlier parliamentary question on 20 November 2012 (Ref: 51230/12) [Question No. 205]. The latest available information for the institutions are as follows:
|
- |
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 above 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.
Further details of the remuneration for the Chief Executive of the National Asset Management Agency was provided to the Deputy in the response to three other parliamentary questions (Ref: 51153/12, 51154/12 and 51155/12) on the same date.
|
- |
2011 € |
2010 € |
|
Salary |
430,000 |
430,000 |
|
Taxable benefits (car and health insurance) |
24,483 |
23,036 |
For the earlier years information in relation to Chief Executive pay can be found in the published annual report and accounts.
|
- |
2011/2010 data |
2009 data |
|
AIB |
Pages 380 and 381 of 2011 Annual Report and Accounts |
Page 262 of 2009 Annual Report and Accounts |
|
BOI |
Pages 160 and 162 of 2011 Annual Report and Accounts |
Page 120 of 2009 Annual Report and Accounts |
|
IBRC |
Pages 149 and 150 of 2011 Annual Report and Accounts |
Page 146 of 2009 Annual Report and Accounts |
|
PTSB |
Page 62 of 2011 Annual Report of Irish Life and Permanent Group Holdings |
Page 59 of 2009 Annual Report of Irish Life and Permanent Group Holdings |
|
NTMA |
Page 61 of 2011 Annual Report and Accounts, page 65 of 2010 Annual Report and Accounts |
Current CEO took up office at the beginning of 2010. |
