Sunday 25 June 2017

Michael Deeny

ROISIN BURKE

MICHAEL Deeny moved from a German nightmare financial institution to an Irish one, taking charge of compliance at Anglo Irish Bank.

From 1988 Deeny was an assistant manager at AIB Capital Markets. In 1996 he joined Depfa Bank Group, the IFSC-based German lender specialising in funding government projects.

In 2004 he became managing director of DEPFA ACS, a subsidiary that deals in a type of covered bond called Asset-Covered Securities (ACS). Legislation was introduced in Ireland to allow the issuance of ACS here, a factor that played a big part in attracting Depfa to move its HQ here in 2002. The ASC business here grew to be worth €60bn in 2007.

Deeny praised "open communication lines between stakeholders such as government, the financial regulator . . . and industry associations, and a willingness on all sides to be practical and responsive" as one of the advantages Ireland offered Depfa.

Depfa's funding model was dealt a hammer blow by the shutting of interbank lending markets when Lehmans collapsed. In turn, it almost fatally damaged its parent, Munich bank Hypo Real Estate. Once Ireland's biggest bank with an asset base at peak of €229bn, Depfa ended up getting a €102bn lifeline from the German government.

Deeny became head of compliance for the parent bank in 2008. He would play a key role in restoring liquidity and ensure its survival.

Last September he joined Anglo as head of compliance.

A chartered accountant, Deeny holds a BComm and MBA from UCD. The former Gonzaga boy helped set up the Dublin International School in Ballsbridge in 2007.

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