Banking Sector Remuneration.

Dáil Éireann Debate, Thursday - 3 December 2009

Thursday, 3 December 2009

Ceisteanna (70)

Pat Rabbitte

Ceist:

67 Deputy Pat Rabbitte asked the Minister for Finance if he will clarify the position regarding the €500,000 earnings cap for chief executives at credit institutions covered by the blanket bank guarantee; if this relates to salary only or to the total remuneration package; if his attention has been drawn to the fact that this limit is being circumvented through deferred payments, payment in kind or other such mechanisms; if he is in agreement with this; and if he will make a statement on the matter. [44890/09]

Freagraí scríofa

Minister for Finance (Deputy Brian Lenihan)

As the Deputy is aware, the report of the Covered Institutions Remuneration Committee (CIROC) was placed before the House on 13 March 2009.

I have informed this House before that the Government considers the CIROC recommendations regarding remuneration of chief executives including bonuses, pensions, and long term incentive plans, which includes stock options, are appropriate but that basic salary level should be capped at €500,000 or the salary amount recommended by CIROC which ever is the lower.

Any deviation from this should be in exceptional circumstances and with my agreement.