Dáil Éireann Debate, Wednesday - 1 July 2015
80. Deputy Mary Lou McDonald asked the Minister for Finance the annual saving to his Department and bodies under its aegis if all the fees for all State agency, non-commercial State-sponsored bodies and commercial semi-State board members were reduced by 25%; and if he will make a statement on the matter. [26978/15]
View answerIn answer to the Deputy's question I have been provided with the following information regarding the effect of a 25% decrease in fees for all State agency, non-commercial State sponsored bodies and commercial semi-State board members under the Aegis of the Department of Finance.
Irish Fiscal Advisory Council
There are five members of the Irish Fiscal Advisory Council (IFAC), including the Chairman, all of whom are employed on a part-time basis. The annual fee for the Chairman's role is €20,520, the fee for each of the members is €11,970 per annum.
A reduction of 25% in the annual fees payable to IFAC members would result in a total annual saving of €17,100 to the Department of Finance.
Credit Union Advisory Committee.
There are three members on the Credit Union Advisory Committee (CUAC) including the Chairman. The annual fee for the Chairman's role is €3,750, the fee for each of the members is €2,470.
A reduction of 25% in the annual fees payable to CUAC members would result in a total annual saving of €8,690 to the Department of Finance.
Credit Union Restructuring Board (ReBo)
|
Name of Body |
Board Fees |
Estimated annual saving if 25% reduction in fees |
|
ReBo |
1 (Chair) x €11,970 9 x €7,695 Total = €81,225 |
€20,306 |
This is a saving to the Department of Finance.
In respect of the listed bodies the potential savings would accrue to the body in question.
Central Bank of Ireland
A 25% decrease in fees would result in a saving to the Central Bank of €14,936 as follows:
|
Central Bank Commission |
- |
|
4 ex-officio members |
Ex-officio members do not receive a fee in respect of their membership of the Commission |
|
2 non-executive members |
Do not receive any fee as per One Person One Salary principle |
|
4 non-executive members |
€14,936 each |
|
Total 10 members |
|
|
Central Bank Commission Savings at 25% reduction |
€14,936 by 4 members amounts to a total of €59,744 |
|
Saving if fees reduced by 25% |
€ 14,936 |
|
These savings would accrue to the Central Bank and not to the Department of Finance |
Financial Services Ombudsman's Council
There are 7 members of the Council including the Chairman, all of whom are employed on a part-time basis. The annual fee for the Chairman's role is €21,600, the fee for each of the members is €12,600 per annum.
A reduction of 25% in the annual fees payable to Council members would result in a total annual saving of €24,300 to the Bureau.
Irish Financial Services Appeals Tribunal
IFSAT - a 25% reduction would mean a saving of €1,752 to the Central Bank.
|
Irish Financial Services Appeals Tribunal (IFSAT) |
IFSAT's funding is provided by the Central Bank. Therefore, any savings would accrue to the Central Bank and not to the Department of Finance. |
|
Chairperson |
The IFSAT Chairperson is paid an administrative fee of €584 per day for one day a month in respect of his statutory functions |
|
IFSAT savings |
€584 by 12 days amounts to €7,008 |
|
Saving if fees reduced by 25% |
€ 1,752 |
|
Note: IFSAT members other than the Chairperson do not receive regular fees. They are paid a per diem rate in respect of individual cases before IFSAT. |
- |
|
The per diem rate is as follows: |
|
|
Chairperson |
€584 |
|
Deputy Chairperson |
€450 |
|
Lay Members |
€416 |
National Asset Management Agency
Based on the Board Fees for NAMA in 2014 which were €388,033 a 25% reduction would result in total fees of €291,024.75 which would amount to a saving of €97,008.25.
National Treasury Management
The members of the National Treasury Management Agency receive the following remuneration:
Chairperson: €45,000 per annum (the Chairperson of the Agency Mr Willie Walsh has waived his remuneration)
Ordinary member €30,000 per annum (there are 5 ordinary Members)
Ex-officio members do not receive remuneration.
Under the NTMA (Amendment) Act 2014 the Agency is required to establish an ISIF Investment Committee. The Committee consists of 5 members. Two members of the Committee are members of the Agency and do not receive additional remuneration in respect of their membership of the Committee. Another member of the Committee does not receive remuneration as she is employed by another State Body. The remaining two members of the Investment Committee receive remuneration of €20,000 per annum.
The savings that would be made if Agency and committee members' remuneration was reduced by 25% is €47,500.
Strategic Banking Corporation of Ireland
The directors' fees are funded by the SBCI and not by the Department of Finance. If the board members of the SBCI who are compensated for their duties took a 25% cut to their fees, the savings to the SBCI would be €23,625 per annum.
|
- |
Annual Fee |
Savings |
|
SBCI Board Members |
- |
25% |
|
(max nine) |
- |
- |
|
Chairperson |
€ - |
- |
|
Chief Executive Officer |
€ - |
- |
|
Board Member |
€ - |
- |
|
Board Member |
€ 15,750.00 |
€ 3,937.50 |
|
Board Member |
€ 15,750.00 |
€ 3,937.50 |
|
Board Member |
€ 15,750.00 |
€ 3,937.50 |
|
Board Member |
€ 15,750.00 |
€ 3,937.50 |
|
Board Member |
€ 15,750.00 |
€ 3,937.50 |
|
Board Member |
€ 15,750.00 |
€ 3,937.50 |
