BusinessCompany NewsAnglo Irish FD latest casualty of loans scandal

Anglo Irish FD latest casualty of loans scandal

Bank to split FD and risk officer roles after debacle over loans to former chairman

The finance director of Anglo Irish Bank has resigned becoming the latest
casualty after a scandal involving loans to the bank’s former chairman of
euros87m, according to
Reuters.

The bank announced today that William McAteer, who was also the bank’s chief
risk officer, has stepped down and said it was working on an overhaul of
corporate governance at Anglo Irish to rebuild trust.

Reuters reports that current chief financial officer, Matt Moran, has been
made FD designate.

Prior to joining Anglo Irish McAteer was managing director of Yeoman
International Leasing and was a partner at Price Waterhouse.

Former chairman Sean Fitzpatrick and chief executive David Drumm resigned
following controversy over loans made by Anglo Irish to Fitzpatrick that had
been transferred to other banks over the course of eight years.

The loans were never revealed to shareholders creating a furore over
disclosure.

A statement from the bank today said: ‘The board has decided to appoint a new
chief risk officer from outside the bank who has the experience of international
best practice and who will bring a comprehensive approach to the key area of
risk management throughout the bank.

‘This will be a board position and will be a separate function from the role
of finance director.’

A new CEO is being sought by the bank which hopes to announce name before a
shareholders’ meting on 16 January.

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