Former Shannon Development staff share €3.5m in redundancy

Nick Rabbitts

Reporter:

Nick Rabbitts

Neil Pakey, the group chief executive of Shannon Airport, said the growth was across all Shannon's markets  mainland Europe, the UK and transatlantic
A TOTAL of 33 former employees of the now defunct semi-state firm Shannon Development shared almost €3.5m in redundancy payments between them.

A TOTAL of 33 former employees of the now defunct semi-state firm Shannon Development shared almost €3.5m in redundancy payments between them.

The company was wound up earlier this year and absorbed into Shannon Airport.

Formerly known as the Shannon Free Airport Development Company (SFADCO), it was responsible for a number of areas of development of the region, including tourism and industry.

Upon its closure 33 staff departed, while a number of others such as Dr Pat Daly and Eoghan Prendergast took up management positions with Limerick City and County Council.

Details of the voluntary severance and early retirement packages were revealed at the Public Accounts Committee, where the last ever set of accounts for the now defunct company were analysed.

A further one million euro was spent on restructuring costs, bringing what remains of the company under the control of the Shannon Group.

Neil Pakey, the group chief executive of Shannon Airport, said that costs of €3.439m was paid by the company during the year.

This, he said was fully funded under Oireachtas grants. The terms of the staff exits were three weeks pay per year of service, plus their statutory entitlement, capped at three years.