Saturday 18 November 2017

Boss of UK business a veteran of two decades

Cormac McQuinn

Cormac McQuinn

THE former boss of Anglo Irish Bank's UK business, Declan Quilligan, spent 20 years working for the failed institution.

Career banker and Trinity College graduate, Mr Quilligan – who turns 50 later this month – joined Anglo in 1990 and stayed with it throughout the Noughties.

He enjoyed all the trappings of a successful Celtic Tiger banker, including a South Dublin home and invites to exclusive events.

Mr Quilligan and his wife Phillipa own a home in the Clonfadda Wood development in Blackrock.

The pair were listed among the guests at a 2005 charity event in the Citywest Hotel where former US president Bill Clinton gave a speech to the great and the good of boomtime Ireland.

Mr Quilligan was appointed as chief executive of Anglo's British outpost by recently installed bank chief David Drumm in 2006.

He was paid €335,000 in relocation costs over two years and was listed as living in an apartment in the trendy borough of South Kensington, west London, in company filings.

Toward the end of his first year in Britain, Mr Quilligan was reporting stunning profits in the business, boasting that December: "Our UK loan book has grown 37pc to Stg£3.1bn and we're committed to growing this."

He added: "We see the UK as our main engine of growth."

Mr Quilligan was paid a total of €889,000 in 2006 including salary, pension contributions and €500,000 in bonuses. In 2007, the year he featured in the latest Anglo Tapes, Mr Quilligan's total remuneration package came to €1.366m.

He was one of the most senior figures at the bank during its 2008 collapse and stayed on after its nationalisation.

He was tipped to take over from David Drumm as chief executive before outsider Mike Aynsley was appointed and finally left the bank in March 2010.

He had more than €3m in personal loans with the bank outstanding at that time.

His €915,000 of his pension pot was put towards the outstanding loans and a further sum of more than €439,000 was placed on deposit with the bank to service the remaining loans.

Irish Independent

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