Tuesday, 19 February 2013

Questions (240, 255)

Pearse Doherty


240. Deputy Pearse Doherty asked the Minister for Finance if he will clarify the redundancy treatment and the contractual entitlements of former top executives in the Irish Bank Resolution Corporation; and if top executives are entitled to jobs of equal status and financial terms under their contracts, or have clauses included in their contracts which allow for special payments in the event of liquidation. [8060/13]

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Gerry Adams


255. Deputy Gerry Adams asked the Minister for Finance if a person (details supplied) and their fellow senior executives are to receive different compensation above that detailed in his Departments questions and answers document on the Irish Bank Resolution Corporation liquidation published on 6 February 2013 under the heading background/redundancy entitlements; and if he will make a statement on the matter. [8284/13]

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Written answers (Question to Finance)

I propose to take Questions Nos. 240 and 255 together.

Following the liquidation, all employment contracts in the Republic of Ireland have been terminated, including those of the former Senior Executives.

The Special Liquidators have confirmed that the majority of staff, including some senior executives, have been re-employed on short term contracts to assist in the liquidation.

Where relevant, all staff are entitled to apply for a statutory redundancy payment, a payment in respect of accrued but unused annual leave and a statutory notice payment, subject to the limits prescribed by statute.