Tuesday, 15 Apr 2014

Written Answers Nos. 153-174

Fuel Laundering

Questions (153, 154, 155, 156, 157, 158, 159, 160, 161, 162)

Gerry Adams

Question:

153. Deputy Gerry Adams asked the Minister for Finance the total number of fuel laundering plants uncovered in the past five years, by county and by year. [18011/14]

Gerry Adams

Question:

154. Deputy Gerry Adams asked the Minister for Finance the estimated capacity of each fuel laundering plant uncovered in the past five years; and the total estimated capacity of all fuel laundering plants per annum for the past five years. [18012/14]

Gerry Adams

Question:

155. Deputy Gerry Adams asked the Minister for Finance the estimated loss to the Exchequer per annum of the fuel laundering plants uncovered. [18013/14]

Gerry Adams

Question:

156. Deputy Gerry Adams asked the Minister for Finance the estimated loss to the Exchequer of the supply of illegal fuel per annum for the past five years. [18014/14]

Gerry Adams

Question:

157. Deputy Gerry Adams asked the Minister for Finance if he will provide details of a new product produced to identify illegal rebated fuel. [18021/14]

Gerry Adams

Question:

158. Deputy Gerry Adams asked the Minister for Finance when the new product to identify illegal rebated fuel will be introduced into the system. [18022/14]

Gerry Adams

Question:

159. Deputy Gerry Adams asked the Minister for Finance the position regarding co-operation between the PSNI and An Garda Síochána and the Revenue Commissioners' agencies on the island of Ireland; if he is satisfied at the level of co-operation; and if there are plans to increase co-operation. [18023/14]

Gerry Adams

Question:

160. Deputy Gerry Adams asked the Minister for Finance if he plans to introduce new legislation to strengthen the penalties available to the courts against those involved in the illegal trade of fuel laundering. [18024/14]

Gerry Adams

Question:

161. Deputy Gerry Adams asked the Minister for Finance the number of filling stations that have been closed by the Revenue Commissioners for breaches of licensing conditions each year and for the past five years. [18025/14]

Gerry Adams

Question:

162. Deputy Gerry Adams asked the Minister for Finance the number of filling stations closed by the Revenue Commissioners for breaches of the licensing conditions per county. [18026/14]

Written answers

Minister for Finance

I propose to take Questions Nos. 153 to 162, inclusive, together.

I am advised by the Revenue Commissioners that the numbers of oil laundries detected and closed down in the period from 2010 to 2013 was 33. Details of those detections, by year and the counties in which they occurred, are set out in the following table.

Year	Cavan	Donegal	Dublin	Laois	Louth	Meath	Monaghan	Offaly	Waterford	Totals
2010	0	0	0	1	0	0	2	1	0	4
2011	0	1	0	0	1	1	6	0	0	9
2012	1	0	0	0	7	0	3	0	0	11
2013	0	0	1	0	2	1	4	0	1	9
Totals	1	1	1	1	10	2	15	1	1	33

 There were no detections of oil laundries in 2009, or to date in 2014.

The Deputy will appreciate that it is inherently difficult to estimate the extent of any illicit activity, the capacity of laundries and the impact on the Exchequer. The Revenue Commissioners advise me that, while there is no reliable estimate of the scale of illegal activity in the fuel sector, they recognise that fuel fraud, and in particular the laundering of markers from rebated fuels, represents a significant threat to Exchequer revenues. Revenue has made action against this illegal activity one of its priorities and is implementing a comprehensive strategy to tackle the problem through enhanced supply chain controls, the acquisition of a more effective fuel marker and continued robust enforcement action.

I am advised also that the Revenue Commissioners work in close cooperation with other enforcement authorities, in this jurisdiction and in Northern Ireland, in combating this all-island problem. The Cross Border Fuel Fraud Enforcement Group, which includes representatives of the Revenue Commissioners, An Garda Síochána, Her Majesty's Revenue and Customs and the Police Service of Northern Ireland and other relevant organisations, was established to facilitate this cooperation, and I am confident that it has proven effective in supporting the identification and targeting of the organised crime gangs, many of whom have links to paramilitaries and former paramilitaries, that are responsible for the bulk of fuel fraud. All enforcement authorities engaged in combatting fuel fraud are committed to working closely together on an ongoing basis in this important work.

Action against filling stations for breach of fuel trader licence conditions has been a central feature of Revenue's overall strategy for combating fuel fraud since mid-2011 in particular, and 32 premises were closed in the course of that year. Data on closures are compiled by reference to Revenue's regionally-based organisational structure, and the figures for 2012 and 2013, disaggregated on that basis, are set out in the following table.

Year	Border, Midlands West	Dublin	EastSouth East	South West	Totals
2012	33	8	9	7	57
2013	9	3	17	1	30

 Information on the numbers of closures, on a county basis, is being compiled and will be forwarded to the Deputy.  Data is not available for the earlier years.

The penalties for laundering fuel and dealing in laundered fuel are laid down in section 102 of the Finance Act 1999. On conviction following summary prosecution, a court may impose a fine of €5,000 and may also impose a term of imprisonment not exceeding 12 months, instead of, or in addition to, the fine. For convictions following prosecution on indictment, the fine is an amount not exceeding €126,970. The court may also impose a term of imprisonment not exceeding 5 years, as an alternative to, or in addition to the fine.

In addition, when a person who is licensed to retail hydrocarbon oils is convicted of an offence of dealing in illicit fuel, a court may also make an order for a temporary prohibition of trade. This order prevents the person convicted from selling or supplying any mineral oil from any premises licensed by that person. Such an order can be for up to 7 days for a first offence and for up to 30 days for a second or subsequent offence. 

The specific penalty to be imposed in any particular case is a matter for the courts. Section 130(2) of the 2001 Act permits a trial judge, at his or her discretion, to mitigate a fine incurred for an offence under excise law, provided that the amount mitigated is not greater than 50 per cent of the amount of the fine.

The penalties introduced in the Finance Act 2010 represented a significant increase on those applying previously. For example, the fine on conviction for an indictable offence was increased from €12,695 to a fine not exceeding €126,970. There are no proposals for further penalty increases at present but the position is kept under review, taking account, among other considerations, of practical experience in the operation of the increased fines provided for in the 2010 Act.

On the introduction of a new product for identifying laundered fuel, following a joint process involving Revenue and Her Majesty's Revenue and Customs (HMRC), a new marker was identified for use in rebated fuel and an announcement was made on 13 February of this year.   The marker will be produced by Dow Chemical Company and is expected to be introduced early next year following consultation with the oil industry and other stakeholders.

Fuel Rebate Scheme

Questions (163)

Michael McGrath

Question:

163. Deputy Michael McGrath asked the Minister for Finance if his attention has been drawn to the fact that a number of businesses are precluded from the diesel rebate scheme because they purchase fuel in quantities of less than 2,000 litres due to a lack of on-site storage; and if he will make a statement on the matter. [17295/14]

Written answers

Minister for Finance

I introduced this scheme in the Finance Act 2013 in order to provide for a repayment to qualifying road haulage and bus operators of a part of the mineral oil tax paid on their purchases of auto-diesel for use in the course of business.  In order to address the risk of widespread abuse of the scheme, provision was made for certain restrictions on the means by which the auto-diesel concerned may be purchased.  Purchases in bulk must be made from a licensed mineral oil trader, and delivered, in a quantity exceeding 2,000 litres, to a premises or place that is under the control of that qualifying road transport operator.  Bulk purchases from licensed mineral oil traders can be verified by reference to the monthly electronic returns that the oil traders are required to make to Revenue.

Purchases by means of a fuel card, approved by Revenue for that purpose, also qualify for repayment and there is no minimum requirement on purchases made in this way.  A fuel card will be approved where Revenue is satisfied that the fuel card provider will supply it with the information required about purchases of auto-diesel by means of that card.  The purchasing arrangements under the scheme are necessary to enable Revenue to manage repayments to qualifying operators while controlling the risk of fraud.  Bulk purchases in quantities below the minimum requirement would not be adequate for this purpose and would not, in any case, comply with the statutory provisions governing the scheme. As outlined, the scheme is not solely confined to the minimum purchase requirement of 2,000 litres. Purchases by a qualifying coach operator by means of a fuel card approved by Revenue are not subject to a minimum purchase requirement and allow the coach operator concerned to avoid fuel storage while claiming under the scheme, thereby alleviating the security risks identified. Fuel cards are widely available and are usable across the road network and there are a number of fuel card providers who can supply suitable fuel cards to road transport operators and fuel retailers. I understand that the Federation of Transport Operators has made representations to Revenue  and Revenue will communicate directly with the Federation on these matters shortly.   

Revenue Commissioners Powers

Questions (164)

Mattie McGrath

Question:

164. Deputy Mattie McGrath asked the Minister for Finance his views on whether it is appropriate for senior revenue officials in Waterford Revenue to attempt to block this Deputy, as a public representative, from acting as a legitimately appointed mediator between a limited company (details supplied) and the Revenue Commissioners; and if he will make a statement on the matter. [17318/14]

Written answers

Minister for Finance

The Revenue Commissioners have a responsibility to apply the Tax and Customs Acts passed by the Oireachtas and to collect the revenues due to the State. I might remind the Deputy that the Commissioners are independent in the application of those Acts and the handling of individual cases is a matter for them, subject of course to taxpayers rights of appeal and recourse to the Courts and to the Ombudsman. To quote Mr. Justice Moriarty:

"The independence of the Revenue Commissioners is undoubtedly critical to maintaining the integrity of the taxation system.  The modern framework within which the Commissioners operate should not allow for any doubt in relation to the equal treatment of all taxpayers or the freedom of the Commissioners from political influence or interference in the discharge of their functions".

That said in my experience, Revenue officials are always willing to engage with taxpayers, tax practitioners and public representatives to progress cases.  This is borne out in the case in question where, I am advised by the Revenue Commissioners, three separate meetings have taken place with the Deputy at Assistant Secretary level. 

I am further advised that the case relates to a Revenue audit. The Commissioners have set out their approach to audit in the Code of Practice for Revenue Audit which is publicly available.  If the taxpayer in question has issues with the manner in which this audit is being conducted, he may wish to avail of procedures put in place by the Commissioners to have cases reviewed, including by external reviewers, or he may wish to complain to the Ombudsman.

On the matter of the amount of tax which may be due, I am advised that the taxpayer has appealed a Revenue assessment and the matter will proceed to the Appeal Commissioners, who are also independent both of myself and of the Revenue Commissioners. Finally, I am advised that the taxpayers in question are declining to answer queries from Revenue which might help to progress matters. In the circumstances, the Commissioners advise me that no useful purpose can be served by further meetings or correspondence with the Deputy.

Tax Reliefs Availability

Questions (165)

Caoimhghín Ó Caoláin

Question:

165. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance the total amount given in tax relief to investors in the building of private hospitals (details supplied); if he will provide a breakdown of this scheme based on individual-company involved; the amount contributed and tax relief received; the hospital site involved; and if he will make a statement on the matter. [17320/14]

Written answers

Minister for Finance

A scheme of capital allowances was available for qualifying capital expenditure incurred on the construction or refurbishment of private hospitals from 2002 onwards. The phasing out of the relief was announced in Budget 2009, not just for private hospitals but also in respect of other health related facilities such as registered nursing homes, convalescent homes and mental health centres. Transitional arrangements were provided, at the time, for projects which were already in the pipeline. The final date for incurring qualifying expenditure on private hospitals was 12 December 2013. Under the scheme, qualifying expenditure was allowed to be written-off over 7 years (15% pa. for the first 6 years with the remaining 10% in year 7). The relief was not available to companies, the trustees of a trust, property developers connected with the project or anyone engaged in the management of the hospital itself.

There are a number of statutory provisions, introduced in recent years, which can also potentially affect the rate at which these allowances can be used and, in some cases, terminate the carry-forward of allowances altogether. These are

- The High Earners Restriction, which was introduced to ensure that, in the case of certain individuals, a minimum effective rate of income tax of 30% is paid annually. This is achieved by restricting the rate at which certain reliefs, including property incentives, can be used to shield income. While the reliefs themselves are not lost, their use is spread out potentially over a much longer time period.

- An upper limit on the annual use of excess capital allowances to shield other income of taxpayers. This provision applies primarily to passive investors in such projects.

- An additional charge to Universal Social Charge (USC) for certain higher income individuals on their use of these property reliefs.

From 2015, it will not be possible for passive investors to carry-forward unused capital allowances beyond a building's tax life. Where the tax life has already ended, unused allowances will be lost on 1 January 2015.  The Revenue Commissioners have provided me with the following information regarding the amount invested in the construction of private hospitals in each of the years 2004 to 2012, the latest year for which information is available, as well as the potential Exchequer cost of income tax forgone: 

Year	Amount Invested
	€m
2004	4.5
2005	7.7
2006	25.2
2007	29.3
2008	30.1
2009	30.4
2010	40.8
2011	35.0
2012*	29.1
Total	232.1

 *Provisional

Due to the existence of the restrictions which I have already described as well as the fact that investors may, due to the availability of other deductions or reliefs, not have obtained full relief in all years, it is not possible to say with certainty what these reliefs have cost. However, the maximum cost to the Exchequer of this relief, based on a total investment of over €232m., is estimated at €95.6m. This estimate assumes tax forgone at the higher rate of income tax applying in the relevant years. It should be noted that the cost to the Exchequer does not arise in the year of the expenditure but rather is spread out over the 7 year writing-down period, provided there is sufficient income in those years to absorb the allowances.

The other detailed information which the Deputy has sought in relation to the individuals/companies involved in specific hospital projects is not available. The annual tax returns, which are received by the Revenue Commissioners and which form the basis of the information available in this area, do not require specific projects to be identified.

Departmental Legal Costs

Questions (166)

Niall Collins

Question:

166. Deputy Niall Collins asked the Minister for Finance the total legal costs incurred by his Department in 2011, 2012, 2013 and estimated in 2014. [17356/14]

Written answers

Minister for Finance

Consultancy costs for the period in question (which includes legal costs) are now provided on my Department's website. The total legal costs incurred by my Department in 2011, 2012 and 2013 are outlined in the following table:  

Year	2011	2012	2013
Legal Costs	€1,434,119	€3,169,031	€2,887,327

€4.3m has been provided for 2014 in respect of transactional, advisory and litigation spend that may be incurred in relation to work on the Financial Services programme. A further €100,000 has been set aside for ongoing cases of an administrative nature. The exact amount of these costs is not known at this point.

Public Relations Contracts Expenditure

Questions (167)

Niall Collins

Question:

167. Deputy Niall Collins asked the Minister for Finance the total external public relations costs incurred by his Department in 2011 to 2013, inclusive, and estimated in 2014. [17372/14]

Written answers

Minister for Finance

I take it that the Deputy is referring solely to external public relations costs and not to advertising costs that would be incurred by my Department in the normal course of business, such as entries into telephone directories, the placing of advertisements in national newspapers, recruitment advertising, etc. For the years in question (2011-2014 to date) no such costs were incurred by my Department. There is no specific allocation for external public relations spend in 2014.

Tax Clearance Certificates

Questions (168)

Eric J. Byrne

Question:

168. Deputy Eric Byrne asked the Minister for Finance the position regarding a tax clearance certificate in respect of a person (details supplied) in Dublin 12; and if he will make a statement on the matter. [17383/14]

Written answers

Minister for Finance

I have been advised by the Revenue Commissioners that a company of which the named individual is a Director has been refused a Tax Clearance Certificate. On 15 May 2013 the Revenue Commissioners wrote to the individual concerned outlining the reasons why a Tax Clearance Certificate could not issue. The named individual has a controlling interest in two companies which have ceased to trade. Revenue remains an unpaid creditor in respect of both companies and, until such time the outstanding tax issues in relation to those companies are resolved, it is not possible to issue a tax clearance certificate. The letter of 15 May 2013 gave details of the appeal procedures in relation to tax clearance. In addition a copy of Revenue Complaints and Review Procedure leaflet CS4 was enclosed with this correspondence.

Property Tax Collection

Questions (169)

Finian McGrath

Question:

169. Deputy Finian McGrath asked the Minister for Finance if consideration has been given to the due date on the local property tax as many families are finding it hard after Christmas; and if he will make a statement on the matter. [17433/14]

Written answers

Minister for Finance

The issue of due dates for Local Property Tax (LPT) has been dealt with extensively in my replies to Questions raised in this House since November 2013, and also by the Chairman of the Revenue Commissioners in her appearance before the Joint Committee on Finance, Public Expenditure and Reform on 7 November 2013.  I would like to re-iterate that in accordance with the Finance (Local Property Tax) Act 2012 (as amended) the tax for each year is payable on or before 1 January of that year. Because of the proximity to Christmas, Revenue wrote to property owners in late October last year setting out a wide range of payment options.  These options give property owners a substantial amount of control over how and when to pay LPT liabilities.  Many people chose to pay before Christmas because that suited their circumstances.  The Deputy will also be aware from replies to previous Questions on payment dates as well as the extensive media coverage around this subject that property owners had the option to pay the tax in full by Single Debit Authority on 21 March in any year, thus deferring the payment until well after the Christmas period.

The legislation also makes provision for property owners to pay the tax for any year on a phased basis over the course of the year rather than in a single payment on or before 1 January of each year.   In practical terms, a due date for payment by 1 January each year ensures that phased payments are spread evenly over the year.  This payment option is still available, either by Direct Debit or by deduction for example from salary or pension, although the payment will now be spread over fewer months. It seems to me that property owners fully appreciate the range of payment options that are available and make their own decisions on the option that best suits their circumstances.  I am advised by the Revenue Commissioners that, for example, over 40% of taxpayers elected to pay their 2014 LPT by a phased payment method and a further 30% elected to pay by Single Debit Authority on the 21 March just passed.

Where a person is having difficulty meeting their obligations, Part 12 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a system of deferral arrangements for owner-occupiers where there is an inability to pay the tax and the person meets certain criteria based on income thresholds.  Details of the deferral arrangements are set out on the Revenue website at http://www.revenue.ie/en/tax/lpt/deferring-payment.html. I am also advised that property owners were recently given a final opportunity to bring their LPT affairs up to date and avoid interest and penalties. Owners had until 2 April 2014 to file any outstanding Returns and make arrangements to pay their outstanding LPT, including any liability for 2014.  It is very important at this stage, as the Revenue Commissioners move into their compliance campaign, that property owners make arrangements to pay their 2014 LPT or, claim an exemption from the tax or a deferral, if appropriate, by accessing their LPT record on-line using their Property ID, PIN and PPSN.  Where assistance is required to file on-line, or where a person does not have their Property ID or PIN, they should call the LPT helpline on 1890 200 255.

While I appreciate the Deputy's comments about the hardship for certain families, I am satisfied that the LPT legislation provides significant flexibility for property owners to choose the timing of their annual payment of LPT and, therefore, I have no plans to amend the legislation in relation to the due date for payment of the tax.

Tax Code

Questions (170)

Patrick O'Donovan

Question:

170. Deputy Patrick O'Donovan asked the Minister for Finance his plans to introduce a levy on bank drafts issued by the various banks in the State; and if he will make a statement on the matter. [17439/14]

Written answers

Minister for Finance

Under the Stamp Duties Consolidation Act 1999, a stamp duty liability of €0.50 is chargeable on a "bill of exchange" where drawn on an account in the State. A "bill of exchange" is defined in section 1 of the Stamp Duties Consolidation Act 1999 as meaning a draft, an order or a cheque. Therefore, a bank draft drawn on an account in the State is subject to a fixed duty of €0.50.

Corporation Tax Regime

Questions (171)

Pearse Doherty

Question:

171. Deputy Pearse Doherty asked the Minister for Finance if the EU Commission has written to him since March 2011 regarding Ireland's corporation tax. [17494/14]

Written answers

Minister for Finance

I understand that the Deputy is referring to correspondence from the European Commission regarding state aid enquiries into corporation tax. As the Deputy is aware, the Competition Directorate of the European Commission is currently conducting a review of corporate tax ruling procedures in various EU Member States in order to assess such practices under EU State Aid rules.  Correspondence on this issue has taken place directly between the European Commission and the Revenue Commissioners. Officials in my Department have also been in contact with the European Commission in connection with applications for State Aid approval for Budget initiatives which were announced subject to such approval, such as the Living City initiative, the Employment and Investment Incentive (EII) and the tax scheme for the construction or refurbishment of certain aviation services facilities. The Deputy should also be aware that some sectoral State Aid applications would also have been made by other line Departments.

Banking Sector Remuneration

Questions (172, 173, 174)

Pearse Doherty

Question:

172. Deputy Pearse Doherty asked the Minister for Finance if he will provide in tabular form the number of staff that received a total remuneration package including pension payments, allowances and benefits of between €100,000 and €200,000, €200,000 and €300,000, €300,000 and €400,000; and the number with more than €500,000 at all of the covered banking institutions, the National Treasury Management Agency and National Asset Management Agency in 2013. [17497/14]

Pearse Doherty

Question:

173. Deputy Pearse Doherty asked the Minister for Finance the total remuneration received by each of the chief executive officers of Bank of Ireland, Allied Irish Banks, Permanent TSB, the National Treasury Management Agency and the National Asset Management Agency; if he will provide a listing and quantification for each of any additional benefits paid; and in respect of any expenses allowance if he will confirm if such allowances are paid only in respect of vouched and receipted expenditure in 2013. [17498/14]

Pearse Doherty

Question:

174. Deputy Pearse Doherty asked the Minister for Finance if he will provide in tabular form for each of Bank of Ireland, Allied Irish Banks, Permanent TSB, National Treasury Management Agency and the National Asset Management Agency, the number of retired employees currently being paid a pension of between €100,000 to €200,000, €200,001 and €300,000, €300,001 and €400,000, €400,001 and €500,000, and in excess of €500,000. [17499/14]

Written answers

Minister for Finance

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.