Chief risk officer at Anglo Irish Bank resigns
William McAteer, the chief risk officer and finance director at Anglo Irish Bank, became the latest senior figure to tender his resignation at the troubled Dublin-based firm on Wednesday (January 7).
McAteer's responsibilities will be divided between a new externally appointed chief risk officer, who has yet to be named, and Matt Moran, currently chief financial officer, who has assumed the position of finance director.In the interim, Peter Butler, the managing director of Anglo Irish's wealth management division, will head the bank's risk management business.
Wednesday's announcement is part of a broader restructuring, following revelations that chairman Sean FitzPatrick borrowed €87 million from the bank over an eight-year period and concealed it by transferring the debt to another bank prior to the end of year results. As of September 30, 2008, a total of €150 million had been lent to the bank's directors.
Anglo Irish Bank considered FitzPatrick's use of the loans to be "inappropriate from a transparency point of view", although not illegal, but the Irish Financial Services Regulatory Authority said last month that it took "a very serious view of these issues" - its investigation is due to report on January 10. On December 18, FitzPatrick resigned and was replaced by Donal O'Connor, previously a board member at PricewaterhouseCoopers.
On December 19, the following day, group chief executive David Drumm also resigned. The bank intends to appoint a new chief executive prior to the extraordinary general meeting scheduled for January 16.
The firm also plans to strengthen the board with the appointment of a number of new non-executive directors in the near future.
See also: €10 billion recapitalisation programme for Irish banks
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on People
People: Citi snags Raghavan, SocGen bags Estrada, all change at NYCB, and more
Latest job changes across the industry
Kane to leave Citadel Securities for senior Miax role
Options exchange has been on a four-year acquisition spree
Asia moves: senior hires at Millennium, Citi, SMBC and more
Latest job news from across the industry
Ken Pang set to join Millennium as Asia equities head
Former Credit Suisse markets co-head joins hedge fund’s Hong Kong office
People: Risk shake-up at Santander, JPM juggles markets, and more
Latest job changes across the industry
People: UBS rejigs EQD, risk head departs; Rustad joins buy side, and more
Latest job changes across the industry
Rustad re-emerges at Taula Capital
Former JP Morgan clearing head to help prepare for Q2 fund launch
UBS to lose group banking book risk manager
Senior risk manager of Swiss banks’ combined banking books to leave for new opportunities
Most read
- As FCMs dwindle, regulators fear systemic risk
- Top 10 operational risks for 2024
- Top 10 op risks: AI fears drive cyber risk to record high