Ex-Anglo lending chief may sue bank

A FORMER head of Anglo Irish Bank’s lending division is considering bringing an action on behalf of Anglo claiming damages against senior Anglo officials, the state, former Central Bank Governor John Hurley and former financial regulator Patrick Neary alleging their actions and negligence led to the bank’s collapse and his suffering massive losses on his Anglo shares.

Anglo insists Thomas Browne has no basis for a derivative action (an action on behalf of a company by a shareholder) on behalf of the bank. It also disputes his claims he was “instrumental” in introducing a “more conservative” lending policy in the bank in circumstances where there was a 284% increase in its loan balances from €13 billion to €38bn before he left in 2007.

Mr Justice Peter Kelly yesterday dealt with matters arising in proceedings in which Anglo is seeking €50m summary judgment orders against Mr Browne, Ferney Hill, Brighton Road, Foxrock, Dublin, director of Anglo’s lending in Ireland from early 2005 to autumn 2007, over unpaid loans.