Friday 2 December 2016

Noonan tells Anglo to fix 'insufficient' bonus report

DANIEL McCONNELL Chief Reporter

Published 21/08/2011 | 05:00

ANGLO Irish Bank has been ordered by Finance Minister Michael Noonan to resubmit a report on bonus payments to senior staff because the initial report was "insufficient".

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Mr Noonan's officials are seeking clarity on all additional payments above basic salaries made to staff in the nationalised bank -- currently being wound down.

According to a Department of Finance spokesman, Mr Noonan is anxious to standardise the description of these payments across all the banks in receipt of taxpayers' money, and given the large number of people involved it is a complex procedure.

The final report is expected to be handed in sometime next month.

Last month, Mr Noonan said he was concerned that information just supplied by Anglo to his department did not accord with material given to his predecessor, Brian Lenihan, for a parliamentary question published on December 16, 2010.

Anglo told the department last year that in 2010 it paid €273,787 to five staff in deferred bonuses awarded prior to 2009. Mr Noonan raised concerns after Anglo disclosed a higher sum for the department's response to a parliamentary question tabled by Fianna Fail TD Michael McGrath.

"I have requested an urgent report from the bank, which will provide full and accurate information and an explanation of why this was not forthcoming in December 2010," said Mr Noonan. Anglo said it would submit the report as soon as possible, containing "comprehensive, accurate and complete information".

"There was no intent, in any way, to mislead the Department of Finance in providing information in December for the parliamentary question," the bank said.

Anglo confirmed that it was participating in a pay review of the 'guaranteed' banks by the National Treasury Management Agency (NTMA). The bank paid no bonuses to senior management during 2010.

Mr McGrath said it was "inexplicable" that the bank appeared to have given incomplete information last December.

Sunday Independent

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