Published 17/01/2010 | 05:00
THE EBS lured Tony Moroney away from Bank of Ireland in 2003 as part of a drive to recruit new faces at the top.
He first headed up the EBS's residential-mortgage business. In 2008, the society launched a broker-led mortgage business, Haven Mortgages, with Mr Moroney at the helm. It was to be a 50-50 venture with UK building society Britannia, which pulled out, citing "current market conditions".
Haven swiftly gained a 10 per cent share of the Irish residential mortgage market and a 7 per cent share of the broker market. In April 2008, Mr Moroney said it was running 40-50 per cent ahead of its business target.
From then on, however, business stalled. Mortgage origination dropped and lenders increasingly opted to use their own staff, rather than brokers, to get the little business that was out there.
Last September, Mr Moroney stepped down as MD of Haven, following a review of its business. Four months earlier, he had failed to be re-elected to the EBS board. The company is likely to be scaled back and subsumed into EBS.
The EBS annual reports show a rapid rise in remuneration for Mr Moroney that was common to all its top executives around this time.
His salary and benefits in 2005 came to €118,000. By 2007, they had reached €450,000 but the following year this dropped back to €308,000.
Before EBS, Mr Moroney was in charge of the country's biggest mortgage book in his role as head of market management at BoI. He was also an executive director of its broker-based business, ICS Building Society.
Now in his mid-40s, he currently runs his own management-consultancy business, Saburai Consulting.