19. Deputy Seamus Kirk asked the Minister for Finance if he is considering introducing legislative provisions along the lines of a public service pension deduction in the case of pensions being paid to senior executives in State supported banks whose pension funds have also received substantial transfers since State support commenced; and if he will make a statement on the matter. (Question 50494/12 asked on 15 Nov 2012 - Pension Provisions)

Minister for Finance (Deputy Michael Noonan): The Government shares the abhorrence of the public at these extravagant pensions but its scope for action to claw back or reduce such entitlements is limited due to constitutional and legal reasons which are well known to the members of the House. The Deputy will be aware of the action taken by Allied Irish Banks requesting a cohort of former senior executives to consider taking a voluntary reduction in their pension entitlement with one former CEO ...