Business Irish

Tuesday 23 July 2019

Ex Ulster Bank boss gets €2.2m bonus

WINNER: Cormac McCarthy
WINNER: Cormac McCarthy

Former Ulster Bank boss Cormac McCarthy, who ran the bank during the boom as it racked up billions of euro of bad loans to developers - including Sean Dunne - has just bagged a €2.2m bonus.

McCarthy left Ulster Bank in 2011 as the British taxpayer bailed out the Irish via its parent RBS. He joined the board of listed bookie Paddy Power that year, becoming its finance chief in October 2012.

Last week a bumper bonus scheme delivered for him. Some 29,770 Paddy Power shares vested under the company's long-term incentive plan and now go into his pocket. These are worth around €2.25m.

But that wasn't all for Cormac. He was also conditionally awarded another 13,753 shares which lock him to the company until March 2018.

McCarthy wasn't the only one suddenly feeling an awful lot richer out in Power Towers last week.

New CEO Andy McCue saw the long-term bonus scheme pay out €2.4m worth of shares. Some 31,931 shares vested last week. He also was conditionally awarded just over 30,257 shares under Paddy Power's 2013 long term incentive plan. These won't vest for three years. It's never good to come into a lot of money before Cheltenham.

Ferraris and Power crank up revs on Shrewsbury Road

There was a jolly nice grey 131 Ferrari 599 out the front of Paul Coulson's Shrewsbury Road pad as I filmed an online video for the Sunday Independent Rich List week.

Dublin's most expensive address is a hive of activity. Next door to the country's dearest house, Walford, there are ambitious plans to redevelop number 28.

The house was bought for €2.3m in mid 2013 before a stack of planning applications were lodged. A final grant of planning permission was given 10 days ago. The existing house will be levelled and a brand new one built on site.

The applications were made by Anna Power. It's never been quiet clear who she was. Until now. She made her money from pharmaceuticals.

Originally based in Glasnevin, Power is an associate of British biotech tycoon Tony Tabatznik and owned a 2.5pc stake in his Arrow Generics (UK) group.

Tabatznik and fellow shareholders made a mint in 2009 when his Arrow biotech group was bought by drug giant Watson for €1.6bn, netting him €650m and making Power a wealthy woman as well.

Power is still part of Tabatznik's team, as he is the dominant shareholder in two Irish companies where she serves as a director: Buzzz Pharmaceuticals and Ariotto Ireland.


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