Anglo appoints new head of human resources

STATE-OWNED Anglo Irish Bank has appointed a new head of human resources, Yvonne Clancy, who previously worked for Dutch group Rabobank in Ireland.

Ms Clancy, who replaces Seán Fitzpatrick (no relation to the former chairman of the bank), will work on the bank’s plan to split into a good and a bad bank following European Commission approval.

Mr Fitpatrick will take charge of the bank’s assessment of the staffing needs for the proposed internal bad bank – Anglo’s so-called asset run-down company – which will take over up to €24 billion of the bank’s €72 billion loans.

He will also plan the transfer of Anglo staff to this new division.

Some €36 billion of Anglo’s loans will transfer to the National Asset Management Agency (Nama), the State body which is taking over property development loans from five institutions.

The bank has estimated that up to €15 billion in loans will be moved to the proposed good bank.

Ms Clancy has more than 20 years’ experience in human resources in financial services.

She has been human resources director for Rabobank in Ireland since 2003 and worked with the bank internationally across Europe and the US since last year.

Before joining Rabobank, Ms Clancy was a human resources director with Prudential Europe, Bank of Scotland (Ireland) and Zurich Financial Services.

Anglo chief executive Mike Aynsley told staff in an e-mailed circular that the focus of the bank was on “de-risking” and restructuring the business and that Ms Clancy would have a key role in this, reporting directly to him.

If the bank secures approval from Brussels for its plan, Anglo intends to separate into a good and bad bank from a legal and financial perspective later this year and on an operational level next year.

Under the bank’s planned schedule, the good and bad banks will be operating as standalone businesses from 2012.