Tuesday, 10 February 2009
Dáil Eireann Debate
Minister for Finance (Deputy Brian Lenihan): Anglo Irish Bank is being run on an arms length commercial basis. Accordingly, the normal ongoing business of the bank, which includes the pay and conditions of staff, is a matter for the Board of Anglo.
As the Deputy will be aware, the remuneration of directors and senior executive staff of Anglo Irish Bank is being considered in the Covered Institution Remuneration Oversight Committee (CIROC) established under the Credit Institutions (Financial Support) Scheme 2008.
Notwithstanding this I am informed that while no Christmas bonuses were paid to staff at Anglo, performance related bonuses for the year ending September 2008, were paid to staff in December 2008. This was prior to the nationalisation of Anglo. Executive Directors received no bonuses.
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