Michael McGrath
Question:79. Deputy Michael McGrath asked the Minister for Finance his views on the payment of bonuses or other retention payments at Permanent TSB; and if he will make a statement on the matter. [44650/15]
View answerThursday, 10 December 2015
Questions (79)
Written answers
This 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) and no form of remuneration with any variable pay component(s), whether performance based or otherwise or bonus payments are awarded or paid.
Since July 2011 Permanent TSB has had to comply with these restrictions on remuneration. I have been informed by Permanent TSB that it continues to abide by the terms of that agreement and does not pay bonuses or retention payments to staff.
The bank also confirms that a freeze on general pay increases has been in place since 2010. However, in a limited number of cases, it has agreed to match current market pay rates for individual staff members where it is clear that they are being paid below current market rates or they had taken on changed/new responsibilities and the bank will have to match current market rates to attract a replacement employee if the current employee decides to leave the bank.
Irish banks in which the State has a majority ownership position publish remuneration information on their websites. The figures provided for PTSB relate to the status at year end 2014 and are available at the following link: http://www.permanenttsbgroup.ie/investors/reports-and-presentations/other-documents/2015.aspx