THE following is the text of the statement issued on behalf of the chairman of Bord na Mona, Mr bat Dineen.

"Dr Edward O'Connor agrees to resign forthwith from all executive and non-executive positions which he holds with Bord na Mona and any of its subsidiary or associated companies, on terms which have been agreed with the company, which are in full and final settlement of all claims by Dr O'Connor against the State, Bord na Mona and the servants or agents of both.

"The parties record their satisfaction that the conclusion of this controversy is in the interests of the company and its employees.

"The settlement now allows the company to focus its attention on addressing the challenges facing it.

It was agreed that the parties, in the interest of the company, would refrain from further public comment.