Business Irish

Thursday 14 November 2019

Ex-finance boss John Purcell got €160,000 in 'handshake'

Laura Noonan

IRISH Nationwide's former finance boss John Purcell received a €160,000 golden handshake when he stepped down last June, as the building society compensated him for 'holiday entitlements' and his notice period.

The payments, which are revealed in the building society's latest annual report, bring Mr Purcell's total package for the year to €340,000 -- within a whisker of the €385,000 he was paid for his full year in 2009.

The latest report also reveals details of the remuneration of Nationwide's seven current directors and shows that they demonstrated their faith in the building society by keeping almost €260,000 on deposit.

The best paid was chief executive Gerry McGinn, who cost Irish Nationwide €445,000 last year, including his €360,000 salary, a €31,000 car allowance and €54,000 in contributions to his pension.

"There's no other expenses in there, no bonuses paid," he told journalists, "my package is pretty straight forward, what you see is what you get".

Finance boss John McGloughlin's total package for the year came in at €312,000, including his €250,000 salary, a €24,000 car allowance and €38,000 of pension contributions.


Danny McKitchen's basic chairman's package rose from €121,000 in 2009 to €144,000 last year. A spokeswoman for the bank attributed the increase to the fact that McKitchen was only elevated from director to chairman on April 6, 2009.

Nationwide has four non-executive directors. Three of them were paid €36,000 last year and one was paid €29,000. The figures are significantly down on payments of up to €55,000 in 2009.

The filings also reveal other details of the directors' dealings with the bank, including their €259,000 in deposits (which would have been transferred to Permanent TSB earlier in the year). The seven have no outstanding loans.

Mr McGinn leases a residential property from the building society, and paid €13,200 in rent last year.

Irish Independent

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