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Ryan appointment causes stir at IBRC

The appointment of Department of Finance official Neil Ryan to a senior job at Irish Bank Resolution Corporation is causing a certain amount of angst at the former Anglo Irish Bank.

While Mr Ryan's appointment has been billed as a temporary measure, it has not been lost on Anglo watchers that the Government is tightening its grip on the basketcase bank which has been more than a little tardy when it comes to selling off property in the buoyant UK market.

Some Anglo watchers even believe that Mr Ryan is being groomed to become the next IBRC boss.

He is certainly at least as well qualified as most of the people running banks in Ireland these days after a long career with UBS in London as well as stints as chief executive of Wells Fargo Bank International and head of IKB Credit Asset Management in London.

With a career like that, the Trinity and London School of Economics graduate must be striking a fair amount of fear into the upper echelons of the former Anglo Irish Bank where at least a dozen people pay themselves more than the Taoiseach's salary despite working for a State-owned agency that is not performing particularly well.

Mr Ryan will continue to take home his civil service salary.

The only thing that is likely to save the IBRC top brass from having to take orders from Mr Ryan one day is his importance inside the Department of Finance where somebody of his calibre is still a rarity.

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