Michael Creed (Cork North West, Fine Gael)
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Question 89: To ask the Minister for Finance if he will publish details of the employment contracts of all the senior management in financial institutions covered by the State guarantee; if he has satisfied himself that in the event of him requiring termination of the employment of these senior managers that there will not be a repeat of the recent incident arising form the termination of the employment of the chief executive of the AIB; and if he will make a statement on the matter. [10242/11]

Michael Creed (Cork North West, Fine Gael)
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Question 93: To ask the Minister for Finance if he will publish details of the contract of employment and provisions therein of the former Chief Executive of the AIB; if he will provide details regarding the provisions therein dealing with their severance package; if he will instruct AIB not to comply with the provisions of the contract and such reimbursement of funds paid; and if he will make a statement on the matter. [10377/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 89 and 93 together.

The Deputy will appreciate that there would be serious obstacles to be addressed to allow for publication of the individual details of the contracts of employment of senior management in financial institutions of the covered institutions and I am not convinced that this would serve, at this stage, the public interest. The Deputy will also appreciate that what we are dealing with here are legacy issues. For example, the payments to the former Managing Director of Allied Irish Banks took place before this Government took office.

What this Government has decided to do to address these issues is to ask the National Treasury Management Agency to oblige the covered institutions to undertake a review of their remuneration practice including an analysis of severance payments. The institutions were also instructed not to commit to further termination payments until the review is completed. When this information is to hand the Government will decide what approach to take on the matter.

In relation to the payments to the former Managing Director alluded to by the Deputy, I have stated that the amount of money paid is an absolute disgrace and undermines the concept of social solidarity we need to engender if we are to emerge from our present extremely challenging circumstances. While I have outlined some of the facts of this matter – which all took place on the watch of my predecessor - I am not convinced that the Government is in full possession of all of the facts. I am presently addressing this deficit with a view to seeing what actions may be available for consideration. I would point out that I can give no assurances that there will not be legal issues which may act as impediments to either recovering moneys already paid or in preventing similar payments.