Start Mortgages appoint Investec's Casey as new CEO
Published 23/05/2013 | 05:00
SUBPRIME lender Start Mortgages has hired Alan Casey as its new chief executive officer, the Irish Independent has learned.
He's expected to replace Esther Morley, who is understood to be standing down.
Mr Casey's appointment is subject to Central Bank approval. Start Mortgages is no longer lending but was a significant player during the boom and has been to the fore since due to its high rates of arrears and repossessions.
Alan Casey is set to join Start from Investec Ireland where he has been since 2004 and is head of the South African owned bank's portfolio management unit.
In 2006 around the peak of the property bubble, Start loaned €600m and its total loan book stood at more than €1bn by the end of 2008.
The lender was behind one in three of the 124 repossession orders handed down by the High Court in the first half of 2012, according to figures from the courts service.
Nine lenders, including bigger players like AIB and Bank of Ireland, were responsible for the other two-thirds of cases.
Start Mortgages is ultimately owned by Investec through the South African's UK based subprime lender Kensington. It built up its stake in Start gradually before taking full control three years ago. Despite their shared ownership Start has no direct links to Investec Ireland.
Investec is now a major presence in corporate banking in Ireland. The bank is in the process of rebranding the former NCB Stockbrokers under its own name and consolidating staff into a single Dublin headquarters on Harcourt Street.