Department of Finance officials made clear State’s holding dropping below 25% wouldn’t impact pay restrictions at lender
A further sale of state-held shares would not create the legal requirement to revisit the salary cap for senior staff, officials told then Minister for Finance Michael McGrath.
Officials said, if delayed, a sale could not take place until early August, which was not ideal as it has “traditionally been a quiet month” for large-scale transactions.Samsung Galaxy Buds 3 Pro Review: some of the best features reserved for use with a Galaxy phone“This period runs into the Budget so the risk of possessing price sensitive information, which would prevent a trade, increases,” they warned.
The submission also explained how the State’s shareholding in AIB was getting close to the 25 per cent level, below which the minister could no longer block special resolutions. Still, “there is no legal requirement to remove or alter the compensation cap at any point as the state’s shareholding in AIB reduces. A further share disposal can happen without visiting the topic of remuneration.”
The State had now clawed back €16.1 billion from the €20.8 billion that it had invested in AIB during the financial crash, according to the report.
Department-Of-Finance Michael-Mcgrath
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