IFA to pick president as fallout from payments controversy continues

Yesterday, the IFA reiterated its outright rejection of claims from its former secretary general, Pat Smith, that a severance deal agreed with him by ex-president Eddie Downey was binding, and that half of it — €1m — should be donated to charity.
In a statement issued on Thursday via his solicitors, Mr Smith said Mr Downey’s resignation following the revelation over the severance deal was “a huge loss” and said the “fair” severance deal represented approximately six weeks’ redundancy pay for each year worked for the IFA and fulfilled on legal commitments he and other staff have in relation to pension shortfalls following the closure of the defined benefit scheme.