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Thursday 15 November 2018

Former Anglo director Heraty quits third board in one week

John Mulligan

John Mulligan

FORMER Anglo Irish Bank non-executive director Anne Heraty stepped down from the boards of Forfas and Bord na Mona yesterday, bringing her tally of resignations this week to three.

The boss of recruitment firm CPL Resources said in a brief statement that she had resigned from the boards of the two state bodies with "sincere regret" and with immediate effect. Forfas is the national policy advisory board for enterprise and science.

On Monday, the Irish Independent revealed Ms Heraty and fellow former Anglo director Gary McGann were earning more than €44,000 by serving on state boards. The same day, Ms Heraty (48) resigned from the board of the Irish Stock Exchange. On Tuesday, Mr McGann stepped down as chairman of the Dublin Aviation Authority in light of the continuing fall-out over the now-nationalised financial institution.

Ms Heraty and Mr McGann were among five non-executive directors who resigned from the board of Anglo Irish Bank last month just before it was brought into public ownership by the Government. The other non-executive directors who resigned that day were Ned Sullivan, Michael Jacob and Noel Harwerth.

The Irish Independent has learned Mr Jacob will not be seeking re-election to the board of publicly listed food company Reox, the firm that was spun out of Dairygold. Mr Jacob could have sought re-election at the upcoming Reox AGM.

Another non-executive director at the bank, Lar Bradshaw, resigned before Christmas on the same day as former Anglo chairman Sean FitzPatrick, who admitted to having concealed over an eight-year period up to €120m of loans he received from the institution.

Mr Bradshaw is the former head of the Dublin Docklands Development Authority (DDDA), where Mr FitzPatrick was also a board member for many years. He had a joint loan with Mr FitzPatrick at Anglo Irish Bank, but has said he was unaware of Mr FitzPatrick's activities in relation to hiding loans.

Ms Heraty joined the Anglo Irish Bank board in 2006 and served on its audit committee until the end of April 2007. Last year, she received €110,000 in fees from Anglo. She was also in receipt of €14,000 in annual fees from both Bord na Mona and Forfas.

Between March 2007 and 2008, CPL Recruitment was paid €58,000 for services provided to Bord na Mona.

In 2007, CPL received €263,000 from Anglo Irish Bank for services in 2007, and a further €78,000 in 2008. One of Ireland's wealthiest people, Ms Heraty and her husband Paul Carroll made millions from CPL when it floated on the stock exchange in 1999.

It is believed that former Anglo Irish Bank non-executive director Ned Sullivan continues to enjoy the full support of the board of food group Greencore, where he's chairman.

The Irish Independent understands that building firm McInerney Holdings also continues to back Mr Sullivan in his role as chairman there.

It is understood his position as chairman at Eircom has not been raised as an issue since he stepped down from Anglo Irish Bank.

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