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Dublin: 10 °C Saturday 25 May, 2013

IMO details former CEO George McNeice’s €9.7m settlement

The IMO accounts for 2012 shows reserves of over €3.2 million despite the settlement to the CEO and a €4 million write down on the value of the IMO offices.

Former CEO of the IMO, George McNeice.
Former CEO of the IMO, George McNeice.
Image: IMO.ie

THE IRISH MEDICAL ORGANISATION has published its accounts for 2012, in which they outline the settlement package they have agreed to pay former chief executive, George McNeice.

The accounts reveal that in addition to a pension fund of some €4.5 million, the former CEO will receive a termination payment of €1,495,850 as provided for in his contract.  In addition, he will receive annual payments of €200,000 every year from 2016 to 2021 and €250,000 per annum from 2021 to 2032.

The IMO managed to halve an estimated €20 million in pension entitlements to McNeice before the announcement of his retirement in December.

Treasurer of the IMO, Professor Sean Tierney said they “were determined that members would have full details about the settlement we were forced to make with the former CEO”.

The IMO’s accounts also shows reserves of over €3.2 million despite the settlement to the CEO and a write down on the value of the IMO offices on Fitzwilliam Place, Dublin of over €4 million after the property crash.

As a result, Tierney, said “that no members’ subscriptions over the coming years will be required to fund the settlement with the former CEO”.

The accounts, which report in full the income and expenditure of the IMO and its wholly owned subsidiary IMOFS for the first time, show that during 2012 the IMO generated income of just over €5 million.  This was down 11 per cent on the €5,709,567 earned in 2011.  However, the organisation tackled costs reducing normal expenditure by 17 per cent to €3,998,132, compared with €4,803,824 in 2011.

There was an average of 34 people employed by the IMO last year, with the average salary of just over €52,000.

Read: ‘€20m pension’ for retiring Irish Medical Organisation chief was halved >

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Comments (74 Comments)

  • Stunning greed

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  • There is no ethical justification for this.

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  • Nobody deserves that kind of money!

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    • I would like to know how many years this man worked to achieve such a massive amount of state money. What he actually has achieved personally in the IMO to be worthy of such, this is vile and ridiculous.

      If the government tell us they cannot change agreed contracts then this man and others in similar packages should be paying 95% tax on their package .

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    • This isn’t state money, it’s paid from union subscription fees that come from doctors in the IMO.

      But don’t let reality get in the way of righteous indignation.

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    • @ significantrisk – can a doctor get a job in this country if he/she does not join the IMO?

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    • Yes, absolutely – lots of doctors have no involvement whatsoever with the IMO.

      The Irish Medical Council is the regulatory body, and registration with them is compulsory.

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  • If Senior Management in the IMO are serious about their indignation about this they would publish their own remuneration packages.

    I expect that will not happen as the members would be shocked to see what is being paid out of their annual dues.

    The obscenity of this CEO package gives an indication of what the top people around the trough believe they are worth and have decided to put in their pockets.

    Let’s have some transparency.

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  • Smod 13/03/13 #

    Bring on the karma!! The country needs that money way more than he does! Little Pr!€k!!

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  • That’s some pension…. Imagine the tax liability on it

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  • kmccaul 13/03/13 #

    The Loreal caption “because your worth it” ………………..comes to mind, with many higher ranking ex officios
    matching this belief with immoral exit packages.

    Wow…………… what the hell has been happening? Is there yet more to happen?

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  • Ahhh sure, he was worth every cent! He discovered the cure for all cancers and has brought in the shorter working week for SHOs. He has greatly contributed to the resounding success of health care in Ireland.

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  • That’s a ******* joke.

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  • Reg 13/03/13 #

    And who’s paying for this outrageous greed, we are of course, the patients. Need to bring your kid to the GP, that’s € 50 please. Disgusting.

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    • Nail on head Reg!

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    • How many people are on medical cards again?

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    • James could you tell me why your asking about medical cards…

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    • Holders of medical cards access all aspects of care freely.
      That’s why.

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    • More than 45% population. Free. Whenever they like. The GP gets a princely 80€ a year to provde that service 24/7/365. A year. Not per visit.

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    • The era of the GP is coming to an end, – I went to mine about a year ago with several problems, – he was more interested in repeat business than resolving my issues.
      After 4 visits & minus €200 nothing was sorted, except my next appointment, of course,(unattended)
      I took to the internet & typed in my symptoms, & hey presto…!!
      - I sorted my (undiagnosed by GP) ‘ Plantar Fasciitis ‘ of my right foot with a quick trip to my pharmacist, who recommended special self-adhesive arch supports, – €15. – now totally cured.
      I treated my (undiagnosed by GP) ‘ post herpetic neuralgia ‘ – excruciating pain in my back, with home remedies, (cayenne pepper) – €2. – pain has become manageable.
      & sorted my depression with plenty of walking, & watching funny videos. – happy.
      - none of the above will ever be prescribed by a GP because there’s no money in it for them, or the pharmaceutical giants (ogres).
      Internet rocks…!!

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    • The era of GP as it currently exists (in someone’s back kitchen), is coming to an end.
      The era of advanced GP care is just getting started as we catch up with the rest of the world as we realise that actually, being on IV medication doesn’t mean you have to be occupying a hospital bed – who knew?!

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  • Ah so this why we can only afford to pay new nurses near minimum-wage earnings.. great little country

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  • Rip off consultants and GPs – no surprise that their union head ripped them off

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    • “Rip off consultants”.
      Yeah, how dare those greedy consultants earning a maximum of 180K (now 130K on fully public contracts) for all their decades (literally) of training be remunerated for their work. Do you know that in the US, consultant equivalents earn multiples of what they earn here?

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    • SMcB 13/03/13 #

      I’ve come across 2 skin consultants in my short time on this planet … Waste of space IMO. I just hope the rest are earning their way.

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    • Waste of space…
      So the oncologist who cures your cancer, the anaesthetist who knocks you out for your surgery and has the courtesy to unknock you out after it, the radiologist who can take pictures of your insides and tell you what’s wrong with you, the haematologist who can take one look at your bloods and see what’s wrong, the obstetrician who comes in to deliver your baby at 3am because you’ve gotten into difficulties, etc, etc, etc, all a waste of space because the 2 skin consultants you came across were?
      Are you deliberately trying to wind me up?!

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    • James
      I’m fed up with your waffle. In the UK a newly appointed Consultant receives seventy eight thousand pounds rising to a maximum of one hundred and twenty five thousand with very little or no private income. Here we see people starting on the maximum and in some specialties receiving up to a million in private income on top of this particularly in Cardiology and Oncology and Orthopaedics! Talk about a trough!

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    • Peter Daly,
      My loveable darling rogue, where would I be without you?
      Consultants in the UK work a different system to here. I’ve been through why it’s different on other threads, refer to them.
      New consultants here are fully public only (no private work), they earn less than 130K.
      Also, millions in private work? Cardiology? Orthopaedics? Oncology? At least be believable with what you come out with, you’re not even trying now!

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    • SMcB 14/03/13 #

      ‘I just hope the rest are earning their way’ Just in case you missed that line James.

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    • Little or no private income pfff- might want to check your facts pal. They also receive generous regular bonus increments for mundane stuff outside of their regular clinical duties, stuff which Irish consultants get no recognition for. Why do yo think Irish consultants are flocking to UK, among other places.

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    • Above for Peter Daly. Agree with James C one million per year is a little high even by US standards…. Although it can be done for putting in the same hours as one would back in Ireland.

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    • Jim,
      Most doctors in Ireland are NCHD’s – who are not permitted to carry out private work until they reach registrar stage. Also, 45% of people have medical cards, which means their use of the private system is low.

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  • I see no reason why we should pay top doctors a minimum salary of 1m euro … We do it for bankers , so why not for doctors . The payment would be based on criteria of performance with a full bonus scheme …. But seriously lads , stick to medicine , and your top of the class qualifications …. you can’t negotiate a contract to save your life…. This guys must be pissing himself laughing

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  • Fine Gael in the last election said they wanted to base our health service on the Dutch system …. Guess what consultant salaries are there ….. 500k …. You pay peanuts you get monkeys…. Pay top dollar on performance … You get virtually 60% back in tax, prsi, USC, income levy anyways

    Agreed ?

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  • I might be able to understand the ire of doctors if they didn’t charge me €50 for ten minutes work.

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    • Damn us to hell. I’m on the way out the door to do a 28-36hr shift for what amounts to minimum wage once revenue has their way with it. Assuming I even get paid for those hours at all.

      Awful lot of people spouting off on here with precisely no clue at all as to what they’re talking about.

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    • Agreed significantrisk. Just finished my 80th hour this week with yesterday 8am to midnight. Week by no means over. Saved lives right down to wiping snots and everything between. Didn’t eat drink or pee in that time. Got 5 hrs sleep back in for 8 today. So you people who are ranting on about doctors pay please tell me about your week.

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    • It’s midnight, I’m 16.5 hrs into a shift, getting to eat something for the first time since about noon.

      If I’m very lucky I’ll get to go home in another 12 hours.

      This is my second call of the week.

      Anyone who thinks I shouldn’t expect a six figure salary after another decade of doing this is an idiot.

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  • I’m 40,000 in mortgage arrears no one cares someone wants to cut a high up civil servant anything and it can’t be done I accept it how can he be expected to live on 200,00 a year and me on the dole my bad

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  • Is the imo the doctors ‘trade union’ … what do they do. I just have to make heads and tails of why this guy is getting millions and millions

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    • You don’t have to. The people who paid for his millions have figured it out, ergo, you don’t have to.
      Don’t let it interrupt your sleep.

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    • James this topic is obviously very much your area of concern. I’m just looking for some info. I’m not giving out stink like the rest of ye. Try be nice. My propofol hasn’t kicked in yet !

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    • James, no one needs that much money. That is a sick amount of money to pay anyone for anything. Excuse the pun.

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    • Rossa, I agree. It is. What I’m referring to is people getting up tight about something which could’ve been infinitely worse and has utterly nothing to do with them.
      The only reason this has anything to do with you is if you were paying subs to the IMO when this cash was being collected. Otherwise – utterly nothing to do with any of us.

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    • Ah but James, to a certain extent it is an overhead which doctors have to pay, which like in any business is passed on to the consumer. technically anyone who has used those 5000 doctors are paying that mans retirement. which is no problem but that man will now have more money than any man could spend in a life time unless hes a fool( which i suspect hes not) but its just too much.
      my father recently got diagnose with cancer and although he is on the mend, one thing i became aware of was the different treatments available. 5 different doctors came up with five different solutions based on what treatment they could provide rather than what was best for my father. money and healthcare are dangerously intertwined in my opinion, which i suppose is a fact of life but disturbing none the less.
      i have nothing but respect for the all aspects of the medical profession btw

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    • Rossa, please understand this:
      His pension was paid from money in the bank. Savings that were accrued through doctors subs in the normal day to day running of the business. It was money that had been paid in years ago. It has nothing to do with most doctors who have come online within the last few years, because this was already in the bank.
      And it’s medicine – there are 10 ways of doing everything – the way you do something depends on your training – I think that’s how it works in the majority of trades?

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  • Notice in the report from imo that they wrote down the value of their buildings in their annual report. So if they can write property values down why can’t the banks do same in distressed mortgages?

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  • Can TJ please kindly emphasise how this was money in the account, not paid for by the public but through doctor membership subscriptions.
    This is a frenzy, ask the majority of doctors – and they don’t mind – because they know it could’ve been worse. If they don’t mind, then what on God’s unholy earth has it to do with anyone who isn’t paying subscriptions to the IMO?

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    • The fact he got so much money kinda makes me think he didnt do the job because he had a interest or a passion for it. James is whinging that consultants dont get enough money. But yet they have a far better lifestyle then most. I dont mind the fact I have to pay my doctor 55 euro a visit. Because he has been there for me threw some troublesome times. But to pay a union rep that much money is disgusting…. He doesnt deserve it imo.

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    • I didn’t whinge that consultants don’t earn enough, I whinged that people are actually giving out about something which does not effect them. At least get my point!

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    • But maybe it does effect them… your so arrogant why dont you give out to the journal for writing an article to the general public. But wait maybe the general public paid for the consultant. Paid for gp…. Paid for the anaesthetist… The article about the man who got paid to make these services more expensive does become the publics business…..

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    • James, you cant say it doesn’t affect us, doctors fees, health insurance are all based on doctors overheads , the IMO being one of them. Fair enough?

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    • @James. You were whinging they didn’t earn enough at the top of the post…’earning multiples if… in US’ or such tripe. You’re another of the self-important trough-dwellers this country definitely needs to export! Sure, go to the US! Jimmy-me-boy:-)

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    • James, I stated that doctors earn multiples of what they earn here elsewhere – that was stating a fact, not stating they earn very little.

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    • And I’ve just come back from the US, eye opening experience (both working in the US, and returning to the “state of the art” health service here).

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  • Same old same old and nothing will change.

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  • I cannot understand why they give these guys these kind of packages? its wrong.

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  • This guy is well worth €20m to the docs, the IMO have 5000 members so 4k each for his pension, Doctors pay and charges increase massively while he was head of the IMO+pensions, lump sums on retirement. He did an amazing job for them(not the public), it just shows the greed of the doctors that some made more than them.

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  • Yeah james wants the irish system like the american system. Where doctors and surgeons get paid millions….. And people only get proper care if there insured up threw there eyeballs…..

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    • Actually, that’s the last thing he wants. I’ve worked in the US, and I can tell you it puts you in positions that you never thought you’d ever have to deal with as a nurse or a doctor.
      What I am saying is that this is nothing but media – and media alone. The IMO had this money in the bank, it was saved money, it wasn’t loaned, there wasn’t an increase in union fees as a result, it was literally cash in the bank. Most of the people here have difficulty understanding that unless you were the one paying the union fees, it has *nothing* to do with you. Nothing, nada, zip, zilch, zero to do with you.
      In terms of consultants: the majority of consultants here are public – or their time is public dominated, yes they are well paid – but I can tell you in my line of work and my personal life (better half is an SpR), the salary they get here is minimal compared to the years of work they put in.
      GP’s – there are about 2,500 here. 45% of GP’s clients are publicly funded through the medical card for which they get €80 per year – that means that if each GP takes on an equal amount of medical card patients – the maximum they get is €57,600. That 57,600 has to pay a practice nurse, probably a locum GP, a receptionist etc etc etc.
      Most of the people above are nattering about things that does not effect them in any way whatsoever.

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  • Well.i dont have the info to discuss the issues with medical card holders. But the doctors who work in my area all drive new mercs etc. and rightly so they deserve a great lifestyle… So they are obviously earning good.money from there private patients.. But imo the issue have regarding I.m.o is greed…. There is no way he deserves that much money. If each doctor is paying him….. Then obviously the medical card holder isnt gonna be out of pocket…. If anyone gets hit its me the private payer…

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  • What did he do to deserve that only mess up

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