Business Irish

Saturday 20 September 2014

Explained: A guide to the Anglo nationalisation

Published 25/06/2013 | 06:30

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THE apparently casual joking between John Bowe and Peter Fitzgerald about becoming "civil servants" is a section of the Anglo recordings that will anger hundreds of thousands of public sector workers.

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Like so much else in the September 18 conversation, their predictions turned out to be eerily accurate.

But unlike most civil servants who were subject to pension levies and the Croke Park pay deal over the past four years, staff at Anglo would remain a protected species even under Government ownership, at least until the start of this year.

As late as last year, 232 staff at the Irish Bank Resolution Corporation, as the bank was renamed, were on salaries of over €100,000.

Even in state hands, none of the top 42 managers at IBRC were paid less than €200,000 a year.

But not everything stayed the same at the bank. There was an initial clear-out of some of the best known Anglo names in late 2008, but even then lower profile executives including John Bowe and Peter Fitzgerald kept their jobs, and were even promoted after nationalisation.

In March 2011 the new management of Anglo Irish Bank named Peter Fitzgerald as head of public affairs, in charge of restoring the banks reputation with the public.

It put him at the heart of the new regime, close to the bank's new Australian head Mike Aynsley and Alan Dukes, the bank's outspoken chairman. He was made redundant from the bank when it was put into liquidation earlier this year.

John Bowe was also promoted after the bank was taken over. He was named Director of Treasury and later Director of Corporate Development of the bank and left Anglo in the first half of last year.

Irish Independent

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