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Banking Sector Remuneration

Dáil Éireann Debate, Tuesday - 18 December 2012

Tuesday, 18 December 2012

Questions (177)

Pearse Doherty

Question:

177. Deputy Pearse Doherty asked the Minister for Finance if he will provide an explanation as to the reason there are at least six staff at the Irish Bank Resolution Corporation earning more than €400,000 per annum whilst no staff at the National Asset Management Agency earn salaries in 2012 of more than €400,000 per annum. [56865/12]

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Written answers

Following the appointment of the current CEO of IBRC in September 2009, the entire executive of the Bank was replaced with an appropriately skilled senior management team, to lead the newly formed IBRC (the combined former Anglo Irish Bank and former INBS) through the process of wind down. I have been informed that external search consultants were utilised in open and transparent recruitment processes, to identify and hire senior management with the requisite skills to deal with the challenges of working out the Bank’s distressed loan books. I have been advised that remuneration in IBRC complies with the recommendations put forward by CIROC with regards to the remuneration applicable to the positions of the CEO and senior management of the Bank.

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