Boyle: Financial Regulator's golden handshake unacceptable

A “staggeringly generous” €630,000 euro golden handshake for the former Financial Regulator Patrick Neary is unacceptable, a Government Senator said today.

Green Party chairman Dan Boyle was the first Oireachtas member to call for the resignation of Mr Neary after it emerged the watchdog should have known about secret multi-million euro loans at Anglo Irish Bank.

Mr Neary stepped down on January 31 but is assisting his colleagues for three months while his successor is appointed.

Mr Boyle said the “staggeringly generous settlement” was unacceptable alongside current revelations that Irish Life & Permanent gave multi-million euro deposits to Anglo Irish Bank.

Mr Neary was given a special €202,000 payoff – equivalent to eights months salary – as well as a retirement lump sum of €428,000. He is also still entitled to an annual pension of €142,670.

“Neary’s departure from office is a stepping down that should be viewed not as a resignation but as a removal from office through demonstrated incompetence,” Mr Boyle said.

“On these grounds the Government should not be considering the payment of any package – particularly one was generous as this.

He added: “I would urge reconsideration of the terms.”

Finance Minister Brian Lenihan said the watchdog authority had agreed the terms of the settlement after seeking independent legal advice.