IL&P paid former chief executive Casey €4.57m

FORMER CHIEF executive of Irish Life & Permanent (IL&P) Denis Casey, who resigned last year over controversial deposits into Anglo Irish Bank, received a remuneration package of €4.57 million for 2009, including a severance payment of €1.25 million.

IL&P’s annual report, published yesterday, shows that Mr Casey received a salary of €369,000 and €2.93 million towards his pension plan, in addition to the €1.25 million payment in lieu of notice.

A company spokesman said the notice payment was Mr Casey’s contractual entitlement, “no more and no less” .

The company said the pension sum represents “the transfer value of the increase in accrued pension during the year including an allowance for the impact of early payment”. This included an allowance for “the impact of early payment, based on past normal custom and practice”.

Mr Casey resigned in February 2009 after it emerged that IL&P had propped up Anglo with short-term deposits of €7.45 billion over the bank’s financial year ending the previous September.

The deposits also cost finance director Peter Fitzpatrick and head of treasury David Gantly their jobs at the company.

Mr Fitzpatrick received a total remuneration package of €719,000, including a payment of €540,000 in lieu of notice.

Mr Casey remained an employee until May 2009 to assist the company in the transition to the appointment of a new chief executive, Kevin Murphy, who took over last August.

Mr Murphy received a pay package of €744,000 for 2009, including a salary of €515,000.

His salary was reduced to €500,000 after he became chief executive in line with the Government’s pay cap for top bankers.

Finance director David McCarthy, who replaced Mr Fitzpatrick, received a pay package of €514,000, including a salary of €483,000, for 2009.

Mr Casey forfeited conditional shares of 139,000 in IL&P under the long-term incentive plan during 2009, while Mr Fitzpatrick forfeited 103,000 conditional shares.

Pat Ryan, who joined the board of IL&P last December, received €121,000 for consultancy services to the bank’s treasury operation from April to September 2009.

Ten non-executive directors shared fees of €812,000 in 2009. They included chairwoman Gillian Bowler, who received €200,000.

Ms Bowler said in the report that IL&P has “considerable confidence” that its performance will be stronger this year than in 2009.

“The group is strategically placed to participate efficiently with any developments in the Irish financial services market during the course of the year,” she said.