Masding named as IL&P chief

FORMER Barclays Bank executive, Jeremy Masding has been appointed chief executive of the enlarged banking division of Irish Life & Permanent (IL&P).

Mr Masding will — as of late February — head up Irish Life & Permanent plc, the soon to be stand-alone banking entity which will still trade as Permanent TSB.

Although officially a new role, Mr Masding will technically replace David Guinane — who is leaving the group — as head of Permanent TSB.

The new role has a wider remit than previously, as Irish Life & Permanent plc will still be split from the rest of the IL&P group,despite the Government’s decision to shelve the sale of the group’s life andpensions division towards the end of last year.

The separation of the two entities is due to materialise by early April, at the latest.

The enlarged banking business will take on responsibility for areas such as treasury and risk management.

Although Mr Masding’s salary is not known, he will not be paid more than the Government-imposed €500,000 salary cap for banking executives.

He joins IL&P from the British-based independent loan brokerage, Richmond Group, where he has been chairman since 2010.

Prior to that, he was with Barclays from 1984 to 2007, during which time he fulfilled a number of roles including branch banking, international banking and director of strategy development at the group’s head office.

Yesterday, Mr Masding said he acknowledges the debt Permanent TSB owes to the Irish taxpayer of returning the bank to strength and profitability as quickly as possible.