Dáil Éireann Debate, Wednesday - 26 November 2014
60. Deputy Michael McGrath asked the Minister for Finance the status of AIB's request to be allowed to change policy in relation to paying bonuses to staff; and if he will make a statement on the matter. [45550/14]
View answerAs 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 the banks is capped at €500,000 (excluding normal pension entitlements) and the payment of bonuses is not permitted.
I can confirm that at a meeting which took place between AIB and officials from the Department of Finance in January 2014, 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. Since this meeting there has been no further communication with the bank in relation to bonuses and this was also confirmed by the CEO at the Joint Committee on Finance, Public Expenditure and Reform recently.
No policy changes are planned in the area of banking remuneration.
