SBCI Executive Bonus – €38,000 Revealed
- Hear's a breakdown of the relevant facts from the provided text:
- Butler, received a total remuneration package of €353,000 in 2024, an increase of €11,000 from €344,000 in the previous year.
Facts from the text (HARD STOP)
Hear’s a breakdown of the relevant facts from the provided text:
* Remuneration: The CEO, Ms. Butler, received a total remuneration package of €353,000 in 2024, an increase of €11,000 from €344,000 in the previous year.
* bonus: Her 2024 bonus was €38,000, up from €30,000 in 2023.
* Salary & Benefits: Her remuneration breakdown includes a €250,000 salary, €24,000 in taxable benefits, and €41,000 in pension contributions.
* SBCI Purpose: SBCI was established after Ireland’s exit from the troika bailout program to ensure businesses had access to funding.
* Performance-Related Pay: SBCI made a total of €192,000 in performance-related payments in 2024.These payments are intended to reward exceptional performance.
* Ms. Butler’s Departure/Return: Ms. Butler is leaving her current position but will return to Bank of Ireland as Head of Corporate and SME Banking, leading a team of 200 serving 3,000 companies.
* Audit Concerns: The Comptroller and Auditor General, Seamus McCarthy, identified lapses in internal control.
* Credit Guarantee scheme Errors: A review of credit guarantee schemes (2012, 2015, 2017) revealed errors in the collection of premium payments from borrowers. These payments are made to the Department of Enterprise, Tourism and Employment.
* SBCI’s Role in Schemes: SBCI administers these credit guarantee schemes on behalf of the Department of Enterprise, Tourism and Employment. Prior to 2017, a third party operated the schemes.