A SENIOR manager at State-owned Anglo Irish Bank is leaving the bank after 22 years at the company following the completion of his role as acting chief risk officer.
Peter Butler, a former managing director of Anglo’s wealth management division, took over as acting chief risk officer in February following the resignation of Willie McAteer.
Anglo’s chief executive, Australian banker Mike Aynsley, told the staff in an e-mail yesterday that he regretted Mr Butler’s departure. Mr Aynsley had planned to appoint Mr Butler to a role on the 10-strong interim management to run Anglo until the EU approved a restructuring plan which is scheduled to be submitted by next week.
“Peter’s appointment in an acting capacity as head of the bank’s risk management division is evidence of the board’s confidence in Peter and trust in his integrity and expertise during the difficult times we have experienced over the past year,” Mr Aynsley told the bank’s employees.
“While I am sorry to see Peter leave to take up new opportunities, I am supportive of his decision to take time out to ‘smell the roses’ and collect his thoughts on what new challenges he wants to pursue in the future,” he added.
Mr Butler's departure follows a report in The Irish Timesyesterday that the Financial Regulator will not approve the appointment of internal candidates to the bank's long-term management team until the various investigations into the bank are concluded.
The Garda, the Director of Corporate Enforcement and the regulator are investigating directors’ loans at the bank, €7.45 billion in short-term deposits lodged into the bank by Irish Life Permanent and the secret sale of a 10 per cent stake in the bank to a group of 10 customers with Anglo loans.
It is understood that Mr Aynsley intends to appoint a number of outside candidates to positions on the interim management team who will ultimately take up key permanent senior executive roles.
Several appointments, both internal and external, are expected to be made to the interim management team within the next three weeks once they have been approved by the regulator.
The Irish Timesunderstands that Mr Aynsley is being paid an annual salary of €500,000, the Government pay cap for bankers.
Long-term incentives may be agreed for Mr Aynsley and other senior external managers with Minister for Finance Brian Lenihan after the European Commission signs off on a restructuring of the bank.
Under the restructuring plan, which may change in discussions with the EU, the bank plans to split into a good bank and bad bank, after the transfer of €28.1 billion in loans to the National Asset Management Agency (Nama).
The company will run down the bad division over time and focus any further State capital injections on the good operation which will attempt to focus on lending to small and medium-sized businesses and niche areas such as infrastructure and public projects.
