I propose to take Questions Nos. 227 to 229, inclusive, together.
The requirements for AIB and PTSB to seek the consent of/consult with the Minister for Finance are set out in the banks’ respective Relationship Frameworks.
A list of matters which require consultation are included in Appendix 2 of each Relationship Framework. Where “material” is referred to in Appendix 2, Paragraph 12 provides a definition in this regard.
In addition to the list of matters included in Appendix 2, each bank is required to consult with The Minister on certain matters relating to the Chairman, the Chief Executive Officer, and Board appointments (see Paragraphs 17&18); and matters of Material Litigation (see Paragraph 29).
Each bank is also required to seek the Minister’s consent on certain remuneration related matters and this is referred to in Paragraph 32 of the Framework.
The banks have sought the Minister’s consent, or consulted with the Minister, on a number of occasions since the Relationship Frameworks came into force covering a range of topics. It should be noted that consent/consult matters typically include information that is commercially sensitive. The Deputy will be aware that both AIB and PTSB are independent listed companies on the Irish and London stock exchanges and rules and best practice in relation to commercially sensitive matters must be complied with. Accordingly, it would not be appropriate for me to disclose any further information in this regard.
In the case of Bank of Ireland, the requirement to seek the Minister’s consent on certain remuneration related matters is in line with that of AIB and PTSB which is referred to above.
