All gone but not forgotten
Published 10/07/2011 | 05:00
Nick Webb and Louise McBride investigate what happened to some of the key players since the rush for the exits began two years ago
JUST over two years ago this week, Bank of Ireland governor Richard Burrows stepped down from the bank as it headed for the mincer. But the extraordinary losses clocked up by the bank and the billions of taxpayers' money needed to rescue the shattered financial institution did little to blot Burrows' career.
He soon landed a €590,000-a-year job as chair of British American Tobacco. The fate of Seanie FitzPatrick is well known, but what about other bankers and key players?
CEO Bank of Scotland Ireland
Duffy's timing was spectacular when stepping down in February 2009 as the Irish banking sector was still in denial over its problems.
Bank of Scotland clocked up billions in loan losses before shutting its Halifax operation with the loss of 700 jobs. The rump of the bank is in run-off mode. Duffy set up a company with property investor Kevin Warren to bid for property loans from the banks. He is now understood to be based in Stockholm, Sweden, and is involved with risk management firm Algo Risk, Gibraltar online gaming business GIbGaming, distressed asset fund Svenska fund and Spanish-focused investment group Iberica Agri.
CEO of Irish Nationwide
With a lawsuit over an alleged 25 per cent stake in Gerry Gannon's Clongriffin development, Fingleton has been spending a lot of time with lawyers. He was also involved in litigation with Ulster Bank over a Cavan land deal.
A number of reports into corporate governance at Irish Nationwide during Fingleton's reign have been given to the Central Bank. Fingleton's son Michael Jr -- who caused controversy when he tried to lure deposits into the building society after the Government's guarantee -- is now involved in real estate in London. He is a director of Hibernian Capital in Mayfair as well as a company called Brosea Solutions.
Chief executive of EBS
McGovern stepped down from the EBS hot seat in September 2007, having spearheaded the building society's move into commercial property lending. He exited with a €1.87m pay-off.
Less than four years later the crippled institution was squeezed into the carcass of AIB. McGovern is managing director of UK consultancy firm Golden Gate as well as chairing TV production company Lotus Media.
Cormac McCarthy, Mike Bamber
CEO, head of retail at Ulster Bank
Cormac McCarthy stepped down as chief executive last April after 10 years with the bank. Since then, McCarthy has become non-executive director of BWG, the Irish food group which owns Spar and Mace.
Ulster's long serving head of Retail Mike Bamber - who was prominent in bringing in €1000 bonuses for switcher mortgages and free banking - left the bank earlier this year moving back to England. He is now NatWest's managing director of branch banking for the UK.
Mark Moran, Brian Joyce
Chairmen of EBS
Former Mater Hospital kingpin Mark Moran joined the EBS board in 2002 and was chairman from 2007 until late 2009, replacing Brian Joyce.
Moran made a fortune from the sale of a stake in the Mater to private-equity player Capvest. Moran now chairs corporate banking advisory company Bankhawk.
Joyce served on the boards of listed companies Kingspan and Norish and is now a director of Charlie Kenny's property firm Clancourt, among others.
AIB Group chief risk officer
Apart from chief risk officer, Bhattacharya was also on the bank's executive committee from 2002 until December 2007. He was appointed to make sure that the bank didn't get into trouble after the John Rusnak scandal. Oops.
Bhattacharya left the bank and is now senior vice-president and senior credit officer at US Bank in New York. US Bank is the fifth largest commercial bank in the States.
Director at Financial Regulator
Regulator Pat Neary and Central Bank governor John Hurley exited with big pensions. But what happened to the people who stayed?
As prudential director of the Financial Regulator, it was Con Horan's job to make sure our banking and financial system was sound, successful and internationally competitive -- something he, and his former boss Pat Neary, clearly failed to do. Despite this, Horan managed to snap up a senior job in the European Banking Authority in London in mid-April. Horan is on secondment from the Central Bank.
Head of Irish operations at Anglo
Whelan was head of group risk at Anglo Irish Bank before joining the executive board in 2006 and heading up Irish operations. He left in December 2009, to hook up with Sandyford accountancy and financial services firm Cooney Carey. He is a director of Xpert accounting, which was registered last month, and consultancy firm SLB Capital.
Chief executive of BoI
The golf certainly seems to be going well for former Bank of Ireland chief executive Brian Goggin, who resigned in February 2009 with a €650,000 pension as the bank started to implode under the weight of billions of bum property loans.
Earlier this year, the Sunday Independent revealed that Goggin had teamed up with US private-equity giant Apollo to find Irish opportunities.
Matt Moran, Willie McAteer
Anglo chief financial officers
Matt Moran was chief financial officer of Anglo Irish Bank in the run-up to the State takeover of the bank in January 2009. He was therefore among those who presented the bank's annual report in December 2008 when the bank's then chief executive, David Drumm, famously said that Anglo expected to "generate robust core profits over the next three years". Only a matter of weeks later, the controversy about Sean FitzPatrick's hidden loans exploded -- and the gaping hole in Anglo's balance sheet started to unfurl.
Moran became Anglo's finance director when Willie McAteer stepped down in early 2009. Moran held that position for about a year before joining the Luxembourg life assurance company Lombard International Assurance, as chief financial officer -- a position he still holds.
McAteer, meanwhile, doesn't appear to have resurfaced in corporate life since the Anglo scandal broke, although he has put his house on the market.
Bank of Ireland director
Paul Haran retired from the board of Bank of Ireland last June after being a director with the bank for six years. Haran, a former secretary general of the Department of Enterprise, Trade and Employment, currently chairs the advisory board of the UCD Michael Smurfit Business School.
Donal Forde, Eugene Sheehy & Dan O'Connor
Managing director, CEO and executive chairman at AIB
Donal Forde was managing director of AIB in the Republic of Ireland for about seven years -- before being sidelined by Robbie Henneberry in May 2009. Henneberry then replaced Forde and Forde became the bank's director of group strategy. Forde retired from the bank last August and became chairman of the Irish Red Cross earlier this year.
Eugene Sheehy retired as AIB group chief executive last year to read history at Trinity.
Former exective chairman Dan O'Connor is understood to be working as a consultant and is a non-executive director of CRH.
Bowler was among the 12 chairmen and chief executives at the helm of the Irish banks when the banking crisis first started to unfurl in September 2008. Bowler, who had been chairman of Irish Life & Permanent since 2004, stepped down in December 2010.
Last summer, Bowler launched a new travel company, ClickandGo.com, which is headed up by Paul Hackett, former head of marketing at Budget Travel.
Senior independent director BoI
Former Greencore boss, David Dilger, stepped down as chairman of Dublin Airport Authority (DAA) last May -- not long before controversy erupted over the €106,000 bonus to DAA boss Declan Collier. Collier was forced to give up his bonus in June after government pressure.
Dilger joined the BoI board in 2003 and became senior independent director in September 2007. He remained on the board until 2009.
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