Tuesday, 4 February 2014

Questions (171)

Pearse Doherty

Question:

171. Deputy Pearse Doherty asked the Minister for Finance if he has been approached by any covered institution seeking a system of bonus payments for senior staff. [5210/14]

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Written answers (Question to Finance)

As the Deputy will be aware this Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) and the payment of bonuses is not permitted. I can confirm that at one of the recent meetings that took place between AIB and the Department of Finance, AIB raised the issue of new staff incentivisation measures in the context of our shared objective to return the bank to profitability and ultimately deliver a return for the taxpayer. I can also confirm for the Deputy that no policy changes are planned in the area of banking remuneration and this message has been communicated to the bank.