I propose to take Questions Nos. 172 to 174, inclusive, together.
As the Deputy will be aware the Review of Remuneration Practices & Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12th March 2013. The following breakdown of total salary and remuneration appears on page 43 of that review.
|
|
AIB
|
AIB
|
BOI
|
BOI
|
|
Number of staff
|
Salary
|
Remuneration
|
Salary
|
Remuneration
|
|
€300,000 - €399,999
|
7
|
11
|
20
|
34
|
|
€400,000 - €499,999
|
3
|
11
|
12
|
15
|
|
€500,000 or over
|
0
|
0
|
6
|
11
|
Note 1: There are differences in data methodology, timing and exchange rates which account for differences in the data presented here and that shown in responses to parliamentary questions. Data for PTSB and IBRC is not shown for reasons of data protection. There is a whole host of additional disclosures in the report that give further detailed breakdowns of pay across the banks, in particular the chart on page 42 and the table on page 46 which shows a breakdown by institution by grade of the number of staff, their salary and total remuneration as follows -
|
-
|
|
AIB
|
BoI(2),
|
IBRC
|
PTSB
|
|
Chief Executive
|
Number of employees
|
1
|
1
|
1
|
1(4)
|
|
|
Salary
|
€425,000
|
€623,000(3)
|
€500,000
|
€400,000
|
|
|
Total Remuneration
|
€488,800
|
€776,400
|
€683,600
|
€460,000
|
|
Senior Executives (1)
|
Number of employees
|
8
|
8
|
7
|
9
|
|
|
Salary
|
€327,200
|
€408,3003
|
€365,100
|
€209,300
|
|
|
Total Remuneration
|
€434,200
|
€517,400
|
€535,700
|
€269,600
|
|
Executives
|
Number of employees
|
118
|
103
|
46
|
20
|
|
|
Salary
|
€174,800
|
€198,700
|
€184,100
|
€173,900
|
|
|
Total Remuneration
|
€230,100
|
€251,800
|
€253,900
|
€220,100
|
|
Senior Manager / Manager
|
Number of employees
|
2,199
|
3,326
|
291
|
271
|
|
|
Salary
|
€87,100
|
€76,800
|
€87,200
|
€83,000
|
|
|
Total Remuneration
|
€108,300
|
€96,600
|
€115,600
|
€109,200
|
|
Assistant Manager / Senior Specialist
|
Number of employees
|
3,508
|
2,405
|
219
|
554
|
|
|
Salary
|
€51,500
|
€49,800
|
€55,100
|
€52,700
|
|
|
Total Remuneration
|
€62,300
|
€61,200
|
€61,900
|
€65,200
|
|
Senior Clerical / Specialist
|
Number of employees
|
1,584
|
3,617
|
237
|
518
|
|
|
Salary
|
€44,100
|
€41,800
|
€40,400
|
€43,800
|
|
|
Total Remuneration
|
€54,600
|
€49,900
|
€45,100
|
€54,900
|
|
Clerical
|
Number of employees
|
7,034
|
4,789
|
200
|
982
|
|
|
Salary
|
€32,600
|
€29,600
|
€31,300
|
€30,000
|
|
|
Total Remuneration
|
€37,300
|
€35,800
|
€34,500
|
€34,400
|
Notes:
1 The Leadership Team in AIB.
2 US employees are not included in the corporate grading structure and are therefore not included in this analysis.
3 Salary figures are net of a voluntary waiver where applicable.
4 2012 Chief Executive data extracted from responses to recent Parliamentary Questions.
Since the Mercer Report was published further remuneration reductions have been targetted and implemented by the various banks particularly in the pensions area. For instance, Bank of Ireland recorded a circa. €400m pension related gain in its balance sheet flowing from reduced employee benefits, AIB closed their defined benefit pension scheme to future accrual while ptsb wound up their defined benefit scheme. There have been no across the board salary increases at any of the banks while the payment of bonuses remains prohibited.
The remuneration of the chief executives of the financial institutions is published in each institution's 2013 Annual Report and Accounts. The details of which are included in the table below.
|
|
Salary
|
Pension Contribution
|
Other Remuneration
|
Total
|
|
AIB
|
€425,000
|
€64,000
|
-
|
€546,000
|
|
Bank of Ireland
|
€623,000(1)
|
€186,000
|
€34,000
|
€843,000
|
|
PTSB
|
€400,000
|
|
€57,000(2)
|
€457,000
|
Notes:
1 - Amount is net of salary waived of €67,000
2 - Other remuneration mainly includes employer pensions contributions, taxable expenses.
Information on the remuneration of the NTMA Chief Executive and on NTMA salary bands is published annually in the NTMA Annual Report and Accounts. Information on the remuneration of the NAMA Chief Executive is published annually in the NAMA Annual Report and Accounts. While the 2013 reports and accounts will be published during the Summer I include the data here for your convenience.
Hence remuneration of NTMA employees (including taxable benefits) as at end December 2013 is set out below. All NAMA staff are employees of the NTMA and under Section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA. NAMA reimburses the NTMA the costs of staff assigned to NAMA.
NTMA Remuneration as at 31 December 2013 (post FEMPI reductions)
|
-
|
NTMA (ex NAMA)
|
NAMA
|
Total
|
|
Up to €100,000
|
258
|
223
|
481
|
|
€100,001 to €200,000
|
57
|
105
|
162
|
|
€200,001 to €300,000
|
8
|
2
|
10
|
|
€300,001 to €400,000
|
1
|
2
|
3
|
|
€400,001 to €450,000
|
1
|
0
|
1
|
|
Total
|
325
|
332
|
657
|
The figures above exclude pension contributions. The Public Service Pension Deduction is applied to NTMA employees. NTMA employees are members of the NTMA defined benefit superannuation scheme or else have Personal Retirement Savings Accounts. The pension benefits of members of the NTMA superannuation scheme prior to 1 January 2010 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.
NTMA Chief Executive
|
Chief Executive Remuneration
|
2013
|
|
Salary
|
€416,500
|
|
Taxable benefits
|
€29,129
|
|
|
€445,629
|
NAMA Chief Executive
|
Chief Executive Remuneration
|
2013
|
|
Salary
|
€365,500
|
|
Taxable benefits
|
€22,029
|
|
|
€387,529
|
Two former employees of the NTMA are in receipt of a pension of between €100,000 and €200,000 and one is in receipt of a pension of between €200,000 and €300,000.
