An annual fee of €15,750 is paid to certain Directors, as specified by the Minister for Finance in accordance with the Memorandum of Association of the SBCI. The Directors received no other benefits or remuneration, including retirement benefits, as a result of their services to the Company.

	1 Jan 2016 to 31 Dec 2016	12 Sept 2014 to 31 Dec 2015
Barbara Cotter	15,750	12,409
Tom McAleese	15,750	12,170
Rosheen McGuckian	15,750	11,991
AJ Noonan	15,750	12,409
Richard Pelly	15,750	12,409
Eilis Quinlan	15,750	12,409
	94,500	73,797

The Chairperson and Chief Executive Officer did not receive any remuneration in respect of their membership of the Board. Ann Nolan, appointed in her capacity as Second Secretary General of the Department of Finance, did not receive any remuneration in respect of her membership of the Board.

Directors are reimbursed approved expenses on a vouched basis. Expenses relate to travel to attend meetings in SBCI’s offices in Dublin. During the financial year, a total of €1,332 in expenses was incurred in respect of certain Directors.

The expenses paid to Directors are included in other expenses in Note 8.

	1 Jan 2016 to 31 Dec 2016	12 Sept 2014 to 31 Dec 2015
Directors fees	94,500	73,797
Salaries and other benefits	274,548	334,811
Contributions to defined benefit retirement schemes	35,500	43,982
Total Directors’ Remuneration	404,548	452,590

< NOTE 8

NOTE 10 >