Ex-Anglo chief fails to get legal costs order
THE retired chief executive of Anglo Irish Bank's UK operation has failed to get security of legal costs orders against the bank's successors over their action demanding he repay most of his €6m retirement package.
John Rowan, of Tinarana, Rahena Beg, Killaloe, Co Clare, pictured, who left Anglo in late 2005, was a retiree "long out" before the matters recently revealed via taped recordings of conversations between various executives of the bank leading up to, and beyond, the State's September 2008 bank guarantee, his counsel Mark Connaughton SC told the Commercial Court.
Mr Connaughton told the Commercial Court he wanted security for costs orders against Anglo's successor IBRC as he was concerned about aspects of an offer by IBRC special liquidator Kieran Wallace to provide €50m cash for legal costs – specifically that it was under the control of the Finance Minister and the rules governing it could change at any time.
Counsel for IBRC Cian Ferriter said this security for costs application was legally and factually misconceived.
Mr Justice Peter Kelly ruled that Mr Rowan had not met the onus of proof required to secure an order directing IBRC to provide security in circumstances including Mr Wallace's sworn statement that €50m would be ringfenced to meet any costs orders made against IBRC in the litigation.