I propose to take Questions Nos. 117, and 188 to 192, inclusive, together.
I can confirm that the three State supported banks responded with their individual strategies, designed to achieve the required savings, by the due date of 30 April as requested by the Government. Those plans are being evaluated by my Department currently. It is not possible at this stage to reveal precise individual details bar what has been put into the public domain. I can confirm that all three institutions have put forward pension changes to varying degrees as part of their respective overall responses.
I am constrained as to what I can say presently due to commercial sensitivities and perhaps, more critical at this stage, industrial relations concerns as the normal protocols continue and need to be respected and observed by all parties. This is something I have advocated throughout this process. I am anxious, therefore, that all the participants in these discussions are given space and time to conduct these critical negotiations.
Accordingly, I would encourage all sides to engage in these discussions proactively through the appropriate forums in view of the serious and critical consequences for all concerned. In this context, the Government readily acknowledges the sacrifices and changes made by bank employees to date at all levels and recognises that this has been achieved without major industrial unrest in what is a critically important sector.
It follows that, at this stage, it would not be appropriate or realistic to specify a timeframe for the savings to be delivered. However, in view of the fact that the three institutions continue to be loss making the timely delivery of such savings is critical to their viability and to the future employment prospects of their employees.
There is on-going monitoring of costs and implementation of and adherence to policy, including remuneration, with the three banks. This is achieved through a variety of measures such as compliance certification, monthly management meetings with the respective institutions, annual published reporting by them and parliamentary oversight. All three institutions are in compliance with the present Government policy on remuneration which includes, amongst other matters, a remuneration cap and a prohibition on the awarding or payment of bonuses.