Man of few words always made his point

SEEN as a reclusive and quiet-spoken banker, Willie McAteer was viewed as a man of few words during his time at Anglo Irish Bank.

Banking sources familiar with the 59-year-old Co Donegal man say he was known for taking swift and precise action.

His arrest by Gardaí over alleged financial irregularities at the bank comes after a lengthy career in accounting and banking.

The former finance director brought very little “personal stuff” to the table during his 17-year tenure at Anglo, said one source.

Instead, reflecting his professional background, Mr McAteer always went straight to the point in his work.

“He’s not very voluble. His intervention [in matters] is to the point. He wouldn’t be wasting words and would be quite focused. He has a certain precision in his approach and is not the kind of guy who would indulge in small talk.”

A trained chartered accountant, Mr McAteer was previously managing director of Yeoman International Leasing Limited, a venture capital lending company. Prior to that, he was a partner with the firm Price Waterhouse.

Mr McAteer was part of the “spirit” that drove Anglo in the early days, selling its image abroad in the US and Europe, sources said.

“He put Anglo on the map and was selling the message on the market,” said a banking source.

His shares and loans from the bank certainly reflect the strong interest he had in its future.

At the height of the boom in 2007, Mr McAteer received €1.42 million in pay and bonuses from Anglo, down from €1.77m the previous year.

He was involved in a root-and-branch trawl through Anglo’s loan book in late 2008 – months after the state’s guarantee of the bank – but wrongly predicted just €2.76 billion of loans would need to be written off over three years.

At one stage in 2008, he had shares of 3.5 million, the second highest for Anglo’s board after the bank’s chairman, Sean FitzPatrick.

In March of last year, Mr McAteer had a loan of €8m which he owed to Anglo. The loan had been secured on Anglo shares, which were effectively worth nothing following the nationalisation of the bank.