Monday 18 December 2017

Soft landing for bailout banker

The Punt loves a bit of gossip, we can't help ourselves, and people-moves are a particular favourite.

It is why news that a senior banker from Allied Irish has pitched up at IBRC, as the former Anglo insists on being called, is grist to our mill.

It seems Marcel McCann, a veteran operations man at AIB, found himself at a loose end this summer as that bank slimmed down to cope with the new banking reality.

Luckily for Mr McCann, IBRC, also state-owned, had a vacancy for just such a person.

Good news all around, a happy outcome indeed in an era of 15pc unemployment, surely?

Well maybe, but the Punt can't help wondering how much sense it makes to have senior bankers moving between bailed-out lenders while the state insists on maintaining the fiction that these are all separate employers and unconnected institutions.

What if, for example, Mr McCann is among the AIB staff to recently leave the bailed-out lender with exit payments of up to €225,000?

If that did happen, a rapid return to the state payroll via IBRC would raise no issues for the Department of Finance, even though it is the ultimate paymaster of both banks.

That's good news for the bankers, but we can't help feeling that it's not a great deal for you know who (rhymes with axe-flayers).

Irish Independent

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