Thursday 22 February 2018

Siobhan Creaton: Bank's 'aggressive' culture became recipe for disaster

Among Anglo Irish Bank's directors was Donal O'Connor
Among Anglo Irish Bank's directors was Donal O'Connor

Siobhan Creaton

The top business people who sat around the board table at Anglo Irish Bank "just loved" the bank's aggressive culture, according to its former boss Sean FitzPatrick. But that isn't surprising. He handpicked most of them and as chairman he controlled all the boardroom decisions.

In the 'FitzPatrick Tapes' the disgraced former Anglo boss conveys the enthusiasm of some of Ireland's top business men and women for the multi-million euro loan proposals coming from Anglo's gung-ho clients.

FitzPatrick says in the book that his boardroom colleagues simply couldn't get enough of the big deals happening in the bank. "They (the board) would get presentations from the executives and they would go, 'Jesus Christ!' It was that good," he says.

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