Mack the Knife
24th-April-2010, 05:37
Lenihan approved €1.5m deal for Boucher pension
Related
Boucher’s pension plan was contrary to committee view |
24/04/2010
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COLM KEENA Public Affairs Correspondent
MINISTER FOR Finance Brian Lenihan approved the
retirement deal for the Bank of Ireland chief executive
Richie Boucher that led to his now-abandoned €1.5 million
pension top-up.
The secretary general of the Department of Finance, Kevin
Cardiff, confirmed yesterday to Labour TD Róisín Shortall
that Mr Lenihan approved both Mr Boucher’s €623,000
salary and the provision that he could retire at age 55.
The agreement led to the payment of €1.5 million into the
bank’s pension fund. When this was disclosed last week, it
led to a controversy that peaked on Wednesday when Mr
Boucher (51) announced he would not be retiring at 55.
The bank has said the top-up payment will be repaid and
Mr Boucher will retire at 60.
Earlier this week, Ms Shortall put down a Dáil question
asking Mr Lenihan if he approved the retirement deal and if
he established the cost before doing so.
In reply, Mr Lenihan referred to and welcomed Mr
Boucher’s statement. Ms Shortall complained to Mr Cardiff
that her question had not been answered and he responded
yesterday.
“The position is that the Minister for Finance was
approached by the Bank of Ireland in relation to the pay of
Mr Boucher and approved a pay rate that was considerably
below his salary in his previous position. The Bank of
Ireland also indicated that the intention was that Mr
Boucher, in line with previous practice in relation to the
CEO position, would be able to retire at age 55. The
calculation of the actuarial costs of the related pension
benefits was a matter for the relevant pension funds
actuaries and trustees, not the Minister.”
Last weekend Mr Lenihan said he had no power to
intervene in the matter.
The lying pr**k, lets see wiggle his way out of this one,
thats if he can actually finish a sentence without running
out of breath.
Related
Boucher’s pension plan was contrary to committee view |
24/04/2010
In this section »
EU and IMF preparing emergency loan plan for Greece
Reports into teenage deaths highlight 'systemic failures'
COLM KEENA Public Affairs Correspondent
MINISTER FOR Finance Brian Lenihan approved the
retirement deal for the Bank of Ireland chief executive
Richie Boucher that led to his now-abandoned €1.5 million
pension top-up.
The secretary general of the Department of Finance, Kevin
Cardiff, confirmed yesterday to Labour TD Róisín Shortall
that Mr Lenihan approved both Mr Boucher’s €623,000
salary and the provision that he could retire at age 55.
The agreement led to the payment of €1.5 million into the
bank’s pension fund. When this was disclosed last week, it
led to a controversy that peaked on Wednesday when Mr
Boucher (51) announced he would not be retiring at 55.
The bank has said the top-up payment will be repaid and
Mr Boucher will retire at 60.
Earlier this week, Ms Shortall put down a Dáil question
asking Mr Lenihan if he approved the retirement deal and if
he established the cost before doing so.
In reply, Mr Lenihan referred to and welcomed Mr
Boucher’s statement. Ms Shortall complained to Mr Cardiff
that her question had not been answered and he responded
yesterday.
“The position is that the Minister for Finance was
approached by the Bank of Ireland in relation to the pay of
Mr Boucher and approved a pay rate that was considerably
below his salary in his previous position. The Bank of
Ireland also indicated that the intention was that Mr
Boucher, in line with previous practice in relation to the
CEO position, would be able to retire at age 55. The
calculation of the actuarial costs of the related pension
benefits was a matter for the relevant pension funds
actuaries and trustees, not the Minister.”
Last weekend Mr Lenihan said he had no power to
intervene in the matter.
The lying pr**k, lets see wiggle his way out of this one,
thats if he can actually finish a sentence without running
out of breath.