Friday 24 November 2017

Dail watchdog to probe €60,700 Neary payment

Patricia McDonagh

THE Dail's spending watchdog is to probe a €60,700 payment given to controversial former Financial Regulator Patrick Neary after his resignation.

Mr Neary received compensation worth €47,550 from the regulatory authority for staff to gain access to him for three months after he stepped down.

In addition, he was paid €13,178 for annual leave he never took.

However, the Public Accounts Committee (PAC) is to examine if the payments are within Department of Finance guidelines. Its chairman, Fine Gael TD Bernard Allen, said night he was concerned about the money paid to Mr Neary.

Mr Neary stoked public anger when it emerged he got a secret €630,000 payment as a result of his early retirement.

He is entitled to an annual pension of €142,670.

The further payments to Mr Neary are set to be disclosed in the annual report of the Central Bank and Financial Services Authority of Ireland in July.

But the details have been outlined in a submission to the PAC by new regulator Matthew Elderfield, which has been seen by the Irish Independent.

It said: "Patrick Neary retired on 31 January, 2009. He received a salary of €84,501 in 2009, which included compensation of €47,550 in respect of his availability to the authority for a three-month period and payment for accrued undertaken leave €13,178."

Mr Allen said the issue would be returned to when the Dail resumes after summer recess.

Irish Independent

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