Business Irish

Saturday 24 March 2018

Ex-Finance Minister to become Anglo chairman

Former Finance Minister Alan Dukes is to take over as the new chairman of nationalised Anglo Irish Bank, it was confirmed today.

Donal O'Connor, who steered the bank through the state takeover just over a year ago, is expected to leave the post in July.

The senior management change was announced after Anglo yesterday issued legal action against former chairman Sean FitzPatrick to recover loans of €70m.

Finance Minister Brian Lenihan paid tribute to Mr O'Connor's work at a time of great challenge for the bank and the financial system.

"Mr O'Connor has worked tirelessly to help stabilise the bank and introduce a new management team to lead it in the future," Mr Lenihan said.

"I greatly appreciate his dedication to his work at the bank and his steadfast support of the Government's efforts to stabilise the banking system.

"I know how onerous and demanding his role was over the last year and I am greatly indebted to him for his important contribution."

Mr O'Connor held the post of chairman since Mr FitzPatrick resigned in December 2008 amid massive controversy over secret loan deals he had kept hidden.

Mr Dukes, the former Fine Gael TD who devised the 1987 Tallaght strategy to support economic reforms of the time, has been closely involved with Anglo since the state took control.

"As a member of the board, Alan has been intimately involved in the bank since it was nationalised," Mr Lenihan said.

"His appointment will ensure continuity as the bank charts its future. I know Alan will bring his keen intelligence and application to the task."

Press Association

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