State silent on pension repayments from AIB

The Government is still refusing to reveal any information on how many former AIB directors have agreed to return their six-figure pensions to the State.

In response to a parliamentary question Michael Noonan, the finance minister, said he could not reveal the levels of reductions agreed for confidentiality reasons.

At least one executive, Eugene Sheehy, has agreed to take a cut in his pension of €50,000, leaving him with an annual salary of €250,000.

Despite the bank writing more than 30 letters to former AIB board members there is little information on what monies have been returned.

“As AIB indicated when before the Joint Committee on Finance, Public Expenditure and Reform quite a few responses have been received and the process remains ongoing,” said Mr Noonan. “It should be noted that for reasons of confidentiality AIB cannot disclose information in respect of individuals or the levels of reductions agreed.”

Fianna Fáil’s finance spokesman, Michael McGrath, said that when other public officials returned pension payments to the Government that information was released in parliamentary questions.

He said it was not good enough for people who over saw the business practices at AIB that placed a €20bn burden on the taxpayer to continue to get huge pensions.


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