Anglo seeks €50m orders against former director

ANGLO Irish Bank is seeking summary judgment orders for more than €50 million against a former director and one-time head of the bank’s Irish lending division over loans secured on shares in the bank and various property investments.

Tom Browne, of Ferney Hill, Brighton Road, Foxrock, Dublin 18, has in letters to Anglo claimed that “negligent acts” by the bank and state bodies between late 2007 and January 2009 resulting in the nationalisation of the bank, had led to the collapse of the bank’s shares and to him and others suffering substantial loss and damage as a result.

He claimed, had the then board and state bodies not engaged in certain courses of action, Anglo would still be a publicly quoted company and his shareholding would be “of material value” to himself and the bank.