Tuesday 25 October 2016

Apology: Mr Mike Aynsley and Mr. Alan Dukes

Published 27/03/2014 | 00:01

On 12 October 2013, in print and on-line, we carried an editorial which stated:

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“The statement of affairs from the liquidators of IBRC tells us all sorts of things about life after the former Anglo Irish Bank was merged with the remnants of Irish Nationwide. It is more than a little disconcerting to learn just how well the bank’s executives treated themselves after their past failures cost the public tens of billions of euro.”

In the same edition, we carried a series of articles with headings including:

“Inside Anglo: how bankers partied on”;

“Bust bank splashed out on staff, then burned businesses”;

“Bills not run up in bad old days – these guys partied right on to the last”

We accept that the content of the editorial and articles were inaccurate and defamatory of Mr. Aynsley and Mr. Dukes.

Specifically, we accept that:

- Neither Mr. Aynsley nor Mr. Dukes had any involvement whatsoever in the business practices of Anglo Irish Bank prior to the banking collapse of 2008 which resulted in huge losses to the Irish taxpayer and public exchequer,

- following the nationalisation of Anglo Irish Bank in January 2009,  under Mr. Aynsley’s supervision as CEO and Mr. Dukes’ chairmanship, strict controls on expenditure were introduced and no “lavish” or “luxury” expenditure was engaged in by the organisation,

- the Statement of Affairs referred to in the editorial was produced by the directors of IBRC and not by the liquidators.  We accept also that comments made in criticism of the length of the period required to prepare the statement of affairs were not well founded.

We apologise unreservedly to Mr. Aynsley and Mr. Dukes for the distress and damage caused to their reputations as a result of these publications and have agreed to pay a sum in damages to each of Mr. Aynsley and Mr. Dukes and their costs.

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