IBRC executives see pay challenge adjourned

Legal proceedings by three former executives of the Irish Bank Resolution Corporation against their former employer have been adjourned at the High Court.

Former chief executive Mike Aynsley and two other former executives — heard of asset recoveries Tom Hunersen and head of specialised asset management Richard Woodhouse — have bought an action seeking payment of notice entitlements as per their contracts. In court yesterday, Mr Justice Paul Gilligan was told the case could be adjourned for a week on consent of all sides.

The trio sued the special liquidators to IBRC — KPMG’s Kieran Walllace and Eamonn Richardson — under the Payment of Wages Act.

At the heart of the case is the notice period the men had on their contracts. It is understood Mr Aynsley had a 12-month notice period and the others are believed to have had six-months’ notice periods.

Mr Aynsley was paid €663,000 by the bank, made up of a €500,000 salary, allowances of €38,000 and a pension sum of €125,000. Mr Hunersen and Mr Woodhouse were each paid a salary of about €400,000 a year.