Former bank job no bar to Duffy's new role

MARK DUFFY said he did not think he should let his former role as a bank chief executive stop him from getting involved in his new venture, aimed at buying distressed property loans from banks.

At the launch of Asset Resolution Corporation (Arc) yesterday, he was asked whether he saw any conflict in doing business with his former employer, Bank of Scotland (Ireland).

He could find himself buying assets for Arc “at a knockdown price” which he had been involved in authorising when giving loans to developers in his former role.

Mr Duffy said he would talk to all foreign-owned banks operating in Ireland, and that if investors and banks he had already spoken to about the Arc proposition had any issues about his role, then “we wouldn’t be sitting here”.

He said he thought his 16-and-a-half year record with Bank of Scotland (Ireland) was a good one, and that the bank had a good reputation “on a comparative basis”.

“I made a lot of mistakes and I am very sorry for those mistakes,” he said. “I certainly don’t think it detracts from this.”

He said he liked to think that his “sins” were more venial than mortal. “Somebody has got to do something about this. If you want a sinner to atone, I’m looking, with Kevin [Warren] to do something . . . We are bringing in real money, outside investors. They are not going to support us if they don’t believe we have competency [and can] make money for them.

“From an Ireland point of view, at least we are doing something about it. I’m not looking for people’s sympathy. This is a private sector proposition that will make money, but it will, I believe, make a difference, and hopefully it will kick-start the market.

“If I was not to do anything because I was sensitive to criticism would that be good?

“I don’t think so.”