Dáil Éireann Debate, Tuesday - 27 November 2012
201. Deputy Robert Dowds asked the Minister for Finance his plans to amend the financial emergency measures in the Public Interest Act 2010 to include the staff of the Irish Bank Resolution Corporation, Allied Irish Bank and Irish Life under the provisions of the Act; and if he will make a statement on the matter. [52259/12]
View answer202. Deputy Robert Dowds asked the Minister for Finance if he will provide figures, in tabular form, on the amount of revenue that would be raised for the Exchequer if the Financial Emergency Measures in the Public Interest Act 2010 was amended to include the staff of the Irish Bank Resolution Corporation, Allied Irish Bank and Irish Life respectively under the provisions of the Act. [52260/12]
View answerI propose to take Questions Nos. 201 and 202 together.
The legislation the Deputy refers to – the Financial Emergency Measures in the Public Interest Act 2010 (No 38) – implemented a reduction in public service pensions to certain retired public servant pensioners.
It only applies to members of public services pension schemes and does not apply to semi-states or the private sector. Irrespective of the State’s shareholding in the institutions cited by the Deputy no public service pension schemes exist in those institutions and therefore the pension reduction does not apply.
As the Deputy will be aware the Government has commissioned a Remuneration Review across the Covered Banks and this is designed to inform future policy recommendations in this area.
I have committed to publishing the details underpinning the review in view of the public interest in the matter. The report will provide a comprehensive and professional analysis of remuneration structures and levels across the Covered Banks both now and before the onset of the banking crisis.
The further more detailed information sought in his question is not available to my Department and the compilation of this information is likely to delay completion of the Remuneration Review which is a Government priority.
