|
|
|
|
|
IL&P paid more than €4m to former executives
07 March 2010 By David Clerkin
Irish Life& Permanent has paid more than €4 million to former chief executive Denis Casey and two other senior executives who resigned last year after details emerged about the institution’s controversial transactions with Anglo Irish Bank.
The bank assurer said it paid €1.8 million to departing executives who include Casey, finance director Peter Fitzpatrick and head of treasury David Gantly ‘‘in lieu of notice’’. It paid a further €2.9 million towards departing executives’ pension plans. The pension payments were ‘‘based on past normal custom and practice’’ for departing executives who resigned early, the company said.
The three men resigned in February last year after details emerged of a series of deposits, totalling €7.5 billion, placed by Anglo with IL&P in the days leading to Anglo’s year-end in September 2008.
The company did not provide a detailed breakdown of payments made to each of the executives, but a regulatory filing reveals that Casey last year repaid in full a €228,000 outstanding balance on a loan from IL&P, secured on his home.
After Casey’s resignation, IL&P chairman Gillian Bowler said that she had accepted his decision with the ‘‘utmost regret’’ and that his decision had been ‘‘prompted by his dedication and loyalty to the company’’. She had refused an earlier offer from Casey to resign.
The IL&P board also said that Fitzpatrick’s resignation had been accepted with ‘‘sadness’’ and that of Gantly had been received with ‘‘regret’’. IL&P last week reported operating losses of €196 million for 2009. The losses were driven by bad debts of €376 million suffered by its Permanent TSB banking subsidiary.
|
|
|
