Written answers

Wednesday, 18 September 2013

Department of Finance

Central Bank of Ireland Issues

Photo of Patrick NultyPatrick Nulty (Dublin West, Independent)
Link to this: Individually | In context | Oireachtas source

169. To ask the Minister for Finance the pension entitlements and any other redundancy benefits that is being paid out and was paid out to the former Financial Regulator (details supplied); and if he will make a statement on the matter. [37262/13]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

It is a matter of public record that the former Financial Regulator retired on 31 January 2009. I am informed by the Central Bank that he received a salary of €84,501 which included compensation (€47,550) in respect of his availability to the Authority for a 3 month period post retirement and payment for accrued untaken annual leave (€13,178.11).

I am also informed that as the former Chief Executive, who had 2 years remaining on his contract, facilitated significant organisational change by his retirement, he received additional notional service and immediate pension payment without actuarial adjustment, consistent with the Central Bank Financial Services Authority of Ireland Superannuation Scheme rules. He also received a payment of €151,500, equivalent to six months remuneration in lieu of the time remaining on his contract. His retirement lump sum and pension was based on a final reckonable salary of €285,341 and 40 years reckonable service.

In line with other public sector pension reductions, the former Financial Regulator’s annual pension has since been reduced twice by a total of €24,027.72 per annum.

Comments

No comments

Log in or join to post a public comment.