The FAI agreed a €462,000 settlement with former CEO John Delaney when he left the association earlier this year.
According to the association’s accounts, released this afternoon, the payment was broken down into two parts.
There was one “payment in lieu of notice” amounting to €90,000.
The rest of the money was made up by a €372,000 payment to Mr Delaney’s pension fund.
FAI confirms settlement with John Delaney of €462,000 pic.twitter.com/FiwwAtj226
— Stephen McNeice (@maccytothedee) December 6, 2019
The accounts reveal that the association's liabilities currently stand at over €55m.
Some €30m of that is cash debt owed to the bank.
They warn that it has been operating with negative cashflow since the end of 2018 and is reliant on “continued financial support from the UEFA and the association’s bankers.”
It is in “advanced discussions” with the banks to agree a long-term funding plan that will allow it to meet its debts as they are called in and provide financial stability in the short and medium term.
A passage from the FAIs annual accounts.The Sports Minister said the FAI accounts are "pretty horrifying and very scary".
Following the publication of the accounts, Shane Ross said he is surprised at how bad the situation has become for the soccer body.
He said: "I think the [debt] figures that have come out... is pretty horrifying and very scary... a terrible reflection of the state of affairs that the FAI is in.
"I'm surprised: I've heard some pretty awful stories, but I didn't think it was as bad as that."
SIPTU staff with the FAI, meanwhile, are seeking an urgent meeting with Minister Ross after today's revelations.
Sector organiser Denis Hynes: "It came as a major surprise to the staff today to hear that €55m was the actual liability that was outstanding.
"It now puts a major doubt in their own security of employment, by the mistakes of others... We're going to try to make sure that that doesn't happen."
'Disappointed'
FAI president Donal Conway - who earlier announced step down from the association next month - said he is disappointed with the figures.
He said he was made president in August 2018 and was a member of the board before that but he "wasn't aware that the financial situation was as stark as presented today."
"I started to become aware of it earlier this year."
The accounts include an audit of the FAIs financial statements carried out by Deloitte.
It notes that the association had not provided them all the information and explanations that they considered necessary for the audit.
They were also unable to confirm that the directors' report had been prepared in accordance with the Companies Act and they were "unable to determine whether adequate accounting records have been kept."
In its disclaimer of opinion the auditor said it was not able to provide guarantees that the association will be able to continue on into the future.
"While the company has received some advanced funding from UEFA during 2019 to enable the company to meet some of its current liabilities, there is not sufficient audit evidence that the company will be able to meet its liabilities as they fall due," it said.
"Therefore we were unable to obtain sufficient audit evidence to support the assumption that the company will continue as a going concern."
