Dáil Éireann Debate, Thursday - 3 October 2013
62. Deputy Brian Stanley asked the Minister for Finance when he will publish the submissions from Bank of Ireland, AIB and PTSB following the Mercer report; and the reason the assertion that the report would include a substantial contribution from the leadership of the banks on pay and pensions has not materialised. [41511/13]
Amharc ar fhreagraAs I stated in earlier replies to Parliamentary Questions on this matter I can confirm that the three State supported banks responded with their individual strategies, designed to achieve the required savings, by the due date of 30 April as requested by the Government in response to the Mercer Report. I was not prescriptive in how this was to be achieved respecting their differing State ownership and investment and paths to profitability. As the Deputy will be aware the CEOs of the three banks appeared before the Joint Committee on Finance, Public Expenditure and Reform in early September and were questioned regarding the savings required in response to the Mercer Report. With regard to AIB the CEO stated at the Committee meeting that “The solutions comprise the negotiations around the pension plans, the working hours and the cancellation of all entitlement to increments in the bank.” The bank has now agreed these changes with the AIB staff and is at an advanced stage in negotiating the changes with representatives of the EBS staff.
Bank of Ireland is currently in discussions relating to changes to its pension scheme entitlements through the State Labour relations mechanism. As the Deputy will be aware Permanent TSB has ceased funding of its Defined Benefit pension schemes, which has led to a winding up of these schemes. The Chairman and Non-Executive Directors of Permanent TSB have also taken a 10% reduction in fees. Due to the sensitive nature of the discussions between the banks and their staff, it would not be appropriate to release any further details contained within the letters.
