Dáil Éireann Debate, Wednesday - 29 September 2010
447 Deputy Arthur Morgan asked the Minister for Finance the numbers of staff in the funding bank and the asset recovery bank; the salary costs for these staff; the length of time these staff will be on these salaries; and if he will make a statement on the matter. [32400/10]
Amharc ar fhreagraAs the Deputy is aware, the Government announced on 8 September its proposals for the restructuring of Anglo Irish Bank.
The approach is to split the bank into two — an Asset Recovery Bank which would work out the bank's assets over time and a Funding Bank which would raise funds for the Asset Recovery Bank. The Statement also indicated that the Central Bank would determine the capital needs of the two institutions and announce its findings by October. As indicated above the detailed development of this broad outline is underway and it is intended to submit a detailed plan to the EU Commission for approval.
Until the detailed plan is further developed the Deputy will appreciate it is not possible to indicate the numbers of staff in each of the proposed banks or specific staff costs at this time. The staff costs will be determined by the number of staff required for each entity, the necessary skill sets and the appropriate market rates for such skills.
