Brian Cowen (Laois-Offaly, Fianna Fail)

On severance payments for the Financial Regulator, in a reply yesterday the Minister for Finance outlined the factual situation whereby the regulatory authority informed the Minister for Finance that pension benefits are payable in accordance with the Central Bank and Financial Services Authority of Ireland superannuation scheme. I also understand that the former chief executive had two years remaining on that contract, but having regard to independent legal advice and his exclusive availability to the authority for a period of three months, the authority agreed to payments of an additional €151,500——

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