Australian banker named as new Anglo head

Anglo Irish bank has appointed an Australian as its new chief executive.

Mike Aynsley succeeds David Drumm, who resigned last year in the wake of the controversy over the concealment by the bank of €122m in loans to its former chairman Seán Fitzpatrick.

Mr Aynsley is from Sydney and has extensive experience of working in some of the biggest banks and as a consultant to the industry in America, Australia, Britain and Asia.

His appointment needed clearance from Finance Minister Brian Lenihan, who is the only shareholder of the now-nationalised bank.

Mr Aynsley is the first executive at Anglo to be brought in from outside, and his immediate task as CEO will be to devise a restructuring plan for the bank.

The current executive chairman Donal O'Connor will resume his role as chairman following Mr Aynsley’s appointment while a number of further senior management appointments will be made to the bank in the near future.