Written Answers Nos. 64 - 72
64. Deputy Michael McGrath asked the Minister for Finance the names of the professional and legal advisory firms with which he attempted to negotiate fee rebates in respect of the Irish Bank Resolution Corporation's special liquidation, but in relation to which no fee rebate was agreed; and if he will make a statement on the matter. [16031/15]
Amharc ar fhreagraI, as Minister for Finance, successfully negotiated a fee rebate directly with KPMG for their role in the Special Liquidation of IBRC. This resulted in a €5m rebate on their professional fees. I was not involved in negotiations around rebates with any other professional or legal firm as part of the Special Liquidation of IBRC.
All other negotiation of rebates on professional and legal fees as part of the Special Liquidation were a matter for the Special Liquidators as I asked the Special Liquidators to negotiate these and this resulted in the agreement of rebates on already reduced rates with A&L Goodbody Solicitors and Linklaters Solicitors. Total rebates from these two firms amounted to €2.6m which meant that the total rebates received since the start of the liquidation are €7.6m. After KPMG, A&L Goodbody Solicitors and Linklaters solicitors were the two largest recipients of fees arising from the Special Liquidation of IBRC.
A summary of the professional and legal fees, including rebates received, up to year-end 2014 are available in the Special Liquidator update report of March 2015 (a copy of which is available on the Department of Finance website).
66. Deputy Brendan Smith asked the Minister for Finance when a commencement order will be made in respect of changes to stamp duty provisions pertaining to farmland leasing, provided for in the Finance Act 2014; and if he will make a statement on the matter. [16070/15]
Amharc ar fhreagraThe changes to the stamp duty provisions pertaining to farmland leasing provided for in the Finance Act 2014 are subject to a commencement order pending State Aid approval by the European Commission. I am advised by the Department of Agricultural, Food and the Marine that they have held initial discussions with the Commission in this regard but the Commission has indicated that the measure, as presented, was not State Aid compatible. That Department is in the process of submitting the measure again, with a view to examining the matter further with the Commission. It will not be possible to make a Commencement Order until such time as this matter has been resolved with the Commission.
67. Deputy Catherine Murphy asked the Minister for Finance the point at which the decision was made to start drafting of the Irish Bank Resolution Corporation Act 2013; if it is the case that the strained relationship which existed between the management of the corporation and his Department, referred to in correspondence from the time which has come to light very recently, had a bearing on the Government's decision to draft said legislation and appoint a special liquidator; and if he will make a statement on the matter. [16123/15]
Amharc ar fhreagraThe ultimate decision to eliminate the Promissory Notes and liquidate IBRC was driven by careful consideration of the totality of costs and benefits to Ireland and the taxpayer of such action.
The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of the State and the Central Bank to IBRC, to enable the state to re-establish normalised access to the international debt markets, to resolve the debt of IBRC to the Central Bank, to restore confidence in the banking sector more generally and to provide for the orderly wind down of IBRC which was being supported, at a heavy cost to the State, by the Promissory Notes.
The relationship with the management of IBRC did not drive these strategic objectives, nor the decision making process surrounding the formulation, design and structuring of the Promissory Note transaction and liquidation of IBRC.
68. Deputy Brendan Griffin asked the Minister for Finance his views on a matter (details supplied) regarding barristers; and if he will make a statement on the matter. [16126/15]
Amharc ar fhreagraI am advised by the State Claims Agency, the name used by the National Treasury Management Agency when carrying out its claims and risk management functions, that it has not been possible to compile the information requested by the Deputy in the time available. I will forward the information requested to the Deputy when it becomes available.
69. Deputy Catherine Murphy asked the Minister for Finance if the closed process by which the former Irish Bank Resolution Corporation disposed of a company (details supplied) was fully in compliance with European Union competition and state aid rules; if he received any correspondence from the Commission in relation to same; if so, the details of the Commission's interest; and if he will make a statement on the matter. [16128/15]
Amharc ar fhreagraAs the Deputy is aware, the sale of the company referred to in the question was run by the company itself and their advisers. In line with the relationship framework in place at the time IBRC were not required to consult with the Department or the Minister for Finance. IBRC was a creditor to the company who had an interest in the maximisation of proceeds from the sale of the company to maximise the recovery on the company's debts to IBRC. Neither I nor officials from my Department were involved in the transaction involving the company referred to in the question. There are no records on file with the Department of Finance from the European Commission around the transaction involving the company referred to in the question.
70. Deputy Michael McGrath asked the Minister for Finance the number of employees of Allied Irish Banks who were on salaries of between €100,000 and €200,000, €200,001 and €300,000, €300,001 and €400,000, €400,001 and €500,000, and more than €500,000 at the end of December 2014; and if he will make a statement on the matter. [16129/15]
Amharc ar fhreagra71. Deputy Michael McGrath asked the Minister for Finance the number of employees of Bank of Ireland who were on salaries of between €100,000 and €200,000, €200,001 and €300,000, €300,001 and €400,000, €400,001 and €500,000, and more than €500,000 at the end of December 2014; and if he will make a statement on the matter. [16130/15]
Amharc ar fhreagra72. Deputy Michael McGrath asked the Minister for Finance the number of employees of Permanent TSB who were on salaries of between €100,000 and €200,000, €200,001 and €300,000, €300,001 and €400,000, €400,001 and €500,000, and more than €500,000 at the end of December 2014; and if he will make a statement on the matter. [16131/15]
Amharc ar fhreagraI propose to take Questions Nos. 70 to 72, inclusive, together.
The relevant institutions referred to in your questions have provided me with the following information:
AIB
AIB Group Salary & Remuneration Data as at 31 December 2014 are available on the AIB Group website at:
http://investorrelations.aib.ie/content/dam/aib/investorrelations/docs/shareholder-information/salary-and-remuneration-data-as-at-31-december-2014.pdf
Bank of Ireland
Bank of Ireland have informed me that the publicly available information in relation to remuneration is contained within the Bank of Ireland annual report for the year ended 31 December 2014.
The link to the annual report is:
http://www.bankofireland.com/fs/doc/wysiwyg/boi-annual-report-2014.pdf
Permanent TSB
Permanent TSB Salary & Remuneration Data as at 31st December 2014 is available on the Permanent TSB Group website at:http://www.permanenttsbgroup.ie/~/media/Files/I/Irish-Life-And-Permanent/Attachments/pdf/2015/salary-remuneration-data-as-at-311214-ptsb.pdf.
