Bankers’ pay and pensions review
Gerry Adams seeks completion of the review of pay and pensions in State-supported banks, criticising high remuneration at Irish Life. The Taoiseach says the Mercer review began in 2011 and is expected before the end of the year.
Maidir le reachtaíocht atá forógraithe and the review of paying pensions in banks that receive State support, I understand from answers to parliamentary questions that the review has been ongoing for over one year. Last night's revelations that the golden circle presided over by Fianna Fáil was still alive and well under the Taoiseach's tutelage bring urgency to this issue of the salary and pension arrangements of the CEO of Irish Life and 57 employees who receive in excess of €150,000, which is outrageous.
Comment on this
When will the review be concluded and presented to the Dáil for debate? When will the Government bring forward the legislation promised?
Comment on this
This process was started by the Department of Finance in June 2011 and the Mercer Group is now reviewing other information. I hope the review will be produced for the Minister for Finance before the end of the year. In fact, I would like to see the review concluded before the budget, but I cannot confirm that will happen. The Government process does not just involve looking at the pay structure for bankers but doing so with a view to taking action.