Seán Sherlock (Cork East, Labour)
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Question 209: To ask the Minister for Finance the terms of the severance package awarded to the former Financial Regulator (details supplied); and if he will make a statement on the matter. [34655/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Chief Executive of the Regulatory Authority is appointed by the other members of that Authority and the conditions of employment are agreed between the person and the other members of the Authority. The Regulatory Authority has informed me that pension benefits to the former Chief Executive are payable in accordance with the Central Bank and Financial Services of Ireland Superannuation Scheme. This Scheme has terms and conditions which allow, in certain circumstances, for the payment of full pension benefits in cases where less than 40 years service is accrued. I am informed that the former Chief Executive had two years remaining on his contract. I am also informed that, having regard to independent legal advice and his exclusive availability to the Authority for a period of three months, the Authority agreed to the payment of an additional €151,500, equivalent to six months remuneration, plus an additional two months salary, to the former Chief Executive.