Noonan challenges Anglo over bonuses

ANGLO IRISH Bank is urgently preparing a report for Minister for Finance Michael Noonan on deferred bonus payments after he raised…

ANGLO IRISH Bank is urgently preparing a report for Minister for Finance Michael Noonan on deferred bonus payments after he raised concerns about discrepancies on the figures that it had provided.

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 16th, 2010.

Anglo told the department last year that during 2010 it paid €273,787 to five staff in deferred bonuses awarded prior to 2009.

The Minister raised concerns after Anglo disclosed a higher sum for the department’s response to a parliamentary question tabled by Fianna Fáil TD Michael McGrath.

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“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 review of pay at the guaranteed banks by the National Treasury Management Agency. The bank paid no bonuses to senior management during 2010.

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

“On a sensitive issue as bonus payments, you would expect that at the very least they would have ensured that the information supplied was accurate and complete,” said the Fianna Fáil deputy.

“It is a cause of concern that this wasn’t given.”

Simon Carswell

Simon Carswell

Simon Carswell is News Editor of The Irish Times