Spring to work fulltime with FEXCO

FORMER Tánaiste and Foreign Affairs Minister Dick Spring is to work fulltime with international financial services company FEXCO.

A FEXCO board member since 1997, Mr Spring, 52, lost his Dáil seat in the May general election and his appointment yesterday as executive vice-chairman of the FEXCO Group marks the most high-profile crossover from a solely political career to business in the history of the State.

The move almost certainly marks the end of Mr Spring’s political career, as it is unlikely he will contest a general election in the future after 21 years in the Dáil. Mr Spring, a barrister by training, will be paid a six-figure salary and will report directly to FEXCO founder and chairman Brian McCarthy.

In a statement announcing the appointment, the company said: “FEXCO and its major minority investor, First Data Corporation of the USA, recognise the opportunities created by offering a wide range of payment-related products to their rapidly growing list of international clients.

“Dick Spring will assume overall responsibility for the development of the exciting market opportunities that the growing relationship between FEXCO and First Data presents.”

FEXCO, founded in 1981, is a private company in which the US Western Union money transfer company parent First Data bought a 25% share in December 2000 for a reputed 64 million.

This benchmark values the company at close to 300 million today, according to industry analysts.

Mr Spring will work from FEXCO’s head office in Killorglin, Co Kerry.