Dáil Éireann Debate, Thursday - 10 December 2015
78. Deputy Michael McGrath asked the Minister for Finance the number of staff in the financial institutions covered by the bank guarantee that have received so-called retention payments in 2014 and 2015 and the amount paid in retention payments at each bank in 2014 and 2015, in tabular form; if prior approval was required or sought from him; and if he will make a statement on the matter. [44648/15]
View answerThe 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) per individual and no form of bonus remuneration, whether performance based or retention, is allowed.
Officials in my Department have asked each of the banks to comment on the question asked by the Deputy and have received the following responses:
1) Allied Irish Banks:"AIB operates within the provisions of the State Agreements and retention payments are not a feature of our Remuneration Policy."
2) Bank of Ireland:"Publicly available information in relation to staffing remuneration is available in Bank of Ireland's Annual Reports and Pillar 3 Disclosures, all available on the Bank's website.
"3) Permanent TSB:"Permanent TSB does not pay retention payments to staff."
