IFA Statement on Severance Package

The unapproved package included: a €2m severance, broken down into €1m now and €1m over 10 years paid through IFA.


This is a total spin. Pat Smith demanded €2m. He is trying to cover it up.


He didn’t “stand down”.  In effect, he was fired.


In fairness to our former President, Eddie Downey knew the man had to go. He had to get him out.  The IFA Council has rightly disowned this package.


The Council is the Governing Body of IFA and we will fight his severance claim all the way.


On transparency, it is Pat Smith who didn’t want to submit to transparency over his salary. That is totally unacceptable.


Pat Smith’s letter was read to the Council, contrary to his claims.

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