MIKE AYNSLEY and other former senior staff at IBRC will not receive any termination pay-offs – and will receive only the statutory minimum payment for being laid off from the liquidated lender.

Michael Noonan has assured that senior executives at the bank are to be treated no differently to the 800-or-so other staff at the nationalised bank who were laid off with immediate effect when the Oireachtas passed legislation to liquidate it immediately.

The bank’s former chief executive Mike Aynsley – who was paid a estimated annual salary of €500,000 – and other top brass will instead only receive the statutory minimum payment of two weeks’ pay for every year they spent at the bank.

This works out at roughly six weeks’ pay, which would ordinarily be worth over €65,000 for Aynsley – but a legal limit caps this at €600 a week, meaning a total of €3,600.

In response to written Dáil questions from Fianna Fáil’s Michael McGrath, Noonan added that the senior managers will be paid for annual leave they had accrued but not had a chance to take, and receive pay in lieu of the statutory notice period they would otherwise have been entitled to.

Arrangements regarding the pensions for senior managers remain unclear, however. Ordinarily pension funds are invested separately and are kept legally distinct from the employer – suggesting they will be independently managed.

IBRC has contributed an estimated €430,000 to the pension pot of Aynsley alone, including €290,000 between 2009 and 2011. He was expected to have a further €125,000 contributed to the fund last year.

Read: Noonan: IBRC liquidation is ‘crude’ but staff in better position than most