A manager at bailed-out Permanent TSB got a €451,000 pay-off in the months immediately after the bank’s rescue by taxpayers last summer, the Irish Independent has learned.

He was among 300 workers at Permanent TSB who shared a pot of €28.7m since the bank’s €2.8bn rescue last summer.

The payoffs were part of a redundancy bonanza that paid out a total €56.8m to 701 individuals in banks after they were rescued. Fresh details emerged last night of the generous deals for staff at AIB, EBS, Permanent TSB, Anglo and Irish Nationwide.