Former IBRC officials claim unfair dismissal
Mike Aynsley and others expected to seek compensation after exit from State-owned bank
Former Irish Bank Resolution Corporation chief executive Mike Aynsley: taking a legal case against the special liquidators of the nationalised bank claiming unfair dismissal. Photograph: David Sleator
A court hearing will take place on November 15th following applications brought by Mr Aynsley and two other former senior executives, Tom Hunersen and Richard Woodhouse, last week.
A third former executive, Mark Layther, is also thought to be bringing a case, according to a weekend news report.
The lawsuits are being brought against KPMG’s Kieran Wallace and Eamonn Richardson, who were appointed special liquidators to IBRC in February, the Sunday Times said. Under the IBRC Act, the bankers have to seek permission of the court to bring legal proceedings against the bank.
The executives, whose total remuneration packages exceeded the €500,000 cap imposed by the Government on bankers’ salaries, are expected to seek millions of euros in compensation.
The Government liquidated IBRC in February as part of a deal to restructure the promissory notes used to bail out IBRC (comprising Anglo Irish Bank and the Irish Nationwide Building Society). The employment status of about 800 employees of IBRC was affected; most were placed on new short-term rolling contracts.
Mr Aynsley and other senior executives left IBRC shortly after the Government’s move. He was recently said to be on the shortlist for the job of chief executive of the Bank of Cyprus, which went instead to Dublin banker John Hourican, a former executive at Royal Bank of Scotland.