Tuesday 16 January 2018

Ex-Allied Irish official takes role with other bailed-out lender IBRC

Donal O'Donovan

Donal O'Donovan

THE former Anglo Irish Bank has hired top Allied Irish executive Marcel McCann just months after he left a senior post at the bailed-out lender.

Mr McCann has already taken up his new role as head of operations and information technology at Irish Bank Resolution Corporation (IBRC), a spokesman for the bank told the Irish Independent.

In July this year, Mr McCann was replaced as operations and technology director of AIB by new chief operating officer Anne Boden.

He had been appointed to the role, and to AIB's executive committee of senior managers who run the bank, in February 2010. He first joined AIB in 1978.

It is not clear whether Mr McCann left AIB under the redundancy and early retirement programme, which is currently being run by the lender.

Payout

Staff leaving AIB under the taxpayer-funded scheme are entitled to a payout equal to two years' salary, or a maximum payment of €225,000.

It is understood that as a former member of the AIB executive committee, Mr McCann would be entitled to the maximum payout if he was one of the staff accepted for the redundancy scheme.

The Department of Finance is the effective owner of AIB and IBRC, managing both on behalf of taxpayers.

Last night, the Department of Finance said that there was no restriction in place to block any individual leaving one state-controlled bank under a redundancy scheme from joining another.

Mr McCann could not be reached for comment.

Irish Independent

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