Main Anglo players in banking turmoil

Taped phone calls from inside the walls of the bust Anglo Irish Bank have so far revealed the attitudes of just three key players.

Main Anglo players in banking turmoil

Taped phone calls from inside the walls of the bust Anglo Irish Bank have so far revealed the attitudes of just three key players.

Here are the bankers caught on tape and some of the other high profile names central to the years of turmoil Ireland suffered following the 2008 blanket guarantee.

:: David Drumm: Anglo’s chief executive when it collapsed in 2008.

He worked his way up the bank’s foodchain under chairman Sean FitzPatrick and took over the reins in 2005. Anglo’s book’s for 2009 put his pay packet at €650,000 for 15 months work and for the year ending September 2008 he earned €2.1m.

Notoriously he gave an RTE Radio interview in September 2008 boasting about the strength of Anglo despite a share price collapse and behind-the-scenes talks with authorities on a bailout.

He fled to New York and Boston in December 2008 – shortly before Anglo was nationalised, and has refused to co-operate with investigations by the Garda fraud squad and the director of corporate enforcement on the bank’s collapse and an alleged loans-for-shares scandal involving 10 of Anglo’s biggest clients.

Mr Drumm cannot be extradited from the United States, where he has been declared bankrupt, unless he has been charged with an offence.

He is awaiting a trial in Boston as he seeks to be discharged of €8.5m debts. Anglo – rebranded the Irish Bank Resolution Corporation – claims he borrowed the money to buy shares in the bank and that he failed to disclose assets and made secret transfers to his wife.

:: John Bowe: Now an independent financial consultant.

His high profile positions in the bank included head of capital markets and then director of treasury at the time of the first phone call, two days before the bank guarantee. His jobs included hunting the banks of Europe for cash deposits to try to rescue Anglo.

Like other senior colleagues in Anglo, rather than jumping ship as the banking sector and economy nosedived, Mr Bowe clung on or was kept on at the bust bank.

His CV includes 11 years at Anglo and jobs such as sourcing investors in the stock and bond markets.

He moved to director of corporate development for the rebranded bank, the Irish Bank Resolution Corporation (IBRC), from March 2010 to 2012.

He now works as an independent financial consultant, is based in and around Dublin and since the tapes scandal has broken he has removed any reference to his past life from business networking websites like LinkedIn.

:: Peter Fitzgerald: His final Anglo days were as a spokesman.

He was director of retail banking at Anglo when the bank collapsed and the guarantee was introduced in September 2008.

With the toxic lender for 15 years, Mr Fitzgerald worked as head of corporate treasury for his first four years and then moved over to director of retail and business banking for six years after that.

In a three-year period running across the bank’s collapse and subsequent nationalisation, he served as director of retail banking before being retained by a new management team and ultimately being the man tasked with dealing with the media as the wind down was planned.

Under the IBRC banner Mr Fitzgerald was the head of corporate affairs – a position he served in from March 2011 to February 2013.

He is now interim chief executive of the Irish Association of Alcohol and Addiction Counsellors.

:: Patrick Neary: The retired regulator.

Now a well-heeled pensioner, he quit his role as Ireland’s financial watchdog as the Government nationalised Anglo and all €29bn of its debt.

Three months earlier he was on television insisting all was rosy in the bankers’ garden – there was no debt crisis, Ireland’s banks were among the best capitalised in the world.

His resignation was forced after it emerged he did not know Anglo’s chairman Sean FitzPatrick had built up a book of directors’ loans worth €87m.

Notwithstanding that, or his misjudgment of the standing of Irish banks, Mr Neary’s departure speech said he was proud of his 40 years of public service and he walked away with a golden handshake worth in the region of €630,000.

:: Brian Lenihan: The late finance minister.

The Fianna Fáil TD died in June 2011.

He took over the poisoned chalice of finance as the Irish economy was brought to its knees by a bust banking sector. Three months into the job he presided over the overnight blanket bank guarantee – much to the disgust of most of Europe.

Mr Lenihan was a barrister, and while he admitted to not having a comprehensive knowledge of the banking sector and economic matters, those close to him saw him as an intellectual, and a tireless worker despite his battle with cancer.

:: Sean FitzPatrick: The face of Anglo.

He infamously played golf with former taoiseach Brian Cowen and has since been seen in the company of billionaire media and telecoms tycoon Denis O’Brien.

Anglo was his baby, becoming the top man in 1986 and driving it to become one of the fastest growing banks in the world and a favourite of supposedly savvy pension and stock market investors.

FitzPatrick’s favoured clients were property speculators.

He is awaiting trial for fraud.

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