Concerns over former regulator’s pension payoff
Yesterday, Fine Gael TD Bernard Allen said figures provided by the Department of Finance to his committee were “too vague”.
A written response to questions, on a variety of topics directed at the Department of Finance, was received by Mr Allen yesterday, after which he said: “I will need to seek further clarification in order to understand the figures behind the enhanced pension package.”
Patrick Neary, the former Financial Regulator, resigned last year with a €630,000 payoff and a pension based “on a final reckonable salary of €285,341 and the maximum 40 years’ reckonable service”, the public accounts committee was told.
“In addition to his pension payments, the regulatory authority agreed, having regard to independent legal advice and his exclusive availability to the authority for a period of three months, to the payment of an additional €151,500 plus an additional two months salary, ie a total of €47,550, to the former chief executive,” the Department of Finance stated.
Despite the fact that the Financial Services Regulatory Authority does not use exchequer monies for pensions, Mr Allen said he thought “under the financial circumstances at the time” that further explanation be provided regarding the pay-outs to Mr Neary.
“The committee has an interest in getting best value for money and I will be seeking further information as to why enhanced payments were made to Mr Neary at a time of very difficult financial circumstances for the country,” Mr Allen said.
