Maligned, arguably ineffectual, pension-stuffed former Financial Regulator Pat Neary (sans trademark pencil ‘ronnie’), arrives at Leinster House, Kildare Street, Dublin to face questions at the Banking Inquiry over his role in the financial crash.
On his resignation Mr Neary received a €630,00 pay-off and has a public service pension of almost €143,000 a year which provides €2,750 per week, for the rest of his life.
Former Financial Regulator Pat Neary in 2008, top, and this morning at the High Court in Dublin]
The years have not been kind.
This morning Mr [Pat] Neary said that he didn’t ask [Sean] Mr Quinn outright about his CFD [Contracts for difference] holding in Anglo because he didn’t feel it was “fair or appropriate” to tackle a person about their own private portfolio.
Earlier, Mr Neary said “no information whatsoever” in the Autumn of 2007 about the scale of businessman Sean Quinn’s stake in the bank, despite strong market rumours.
Mr Neary said that the first time he became aware of the scale of Mr Quinn’s indirect holding, built up through CFDs was on Good Friday, March 21st 2008.
Pat Neary. Financial regulator: €630,00 pay-off plus public service pension of almost €143,000 a year, €2,750 per week, for the rest of his life.
Kevin Cardiff, former General Secretary of The Department of Finance. Now a member of The European Court of Auditors on a gross salary of around €180,000 a year but a net salary of €140,000 due to the low tax rate on EU salaries. The post, which is normally for a period of six years, “also involves generous pension arrangements which amount to half salary for the three years immediately after serving in office and a pension of 26 per cent of salary after that”.