Anglo's board members received €9.54m last year

THE 15 executive and non-executive directors who sat on the board of Anglo Irish Bank last year received remuneration totalling €9.54 million last year, according to the bank’s annual report.

The highest remuneration (€3.92 million) was paid to former executive director Tom Browne, who in fact left the business in November 2007. Former chairman Seán FitzPatrick, whose outstanding directors’ loans exceed €80 million, received remuneration last year of €539,000.

Former chief executive David Drumm received €2.13 million last year, down from €4.66 million in 2007. While Mr Drumm received a €2 million bonus in 2007, Anglo did not pay out any bonuses last year. Former finance director Willie McAteer received €660,000, newly appointed chief operations officer Declan Quilligan received €770,000 and continuing managing director of lending in the Irish operation Pat Whelan received €650,000.

Former non-executive director Fintan Drury, who left last June, received €93,000. Among other former non-executive directors Ned Sullivan received €147,000, Gary McGann received €124,000, Ann Heraty received €110,000 and Lar Bradshaw received €100,000.

In his statement in the annual report, executive chairman Donal O’Connor apologised to customers, employees, shareholders and other stakeholders for the situation at the bank. “I acknowledge again the sense of hurt, outrage and disappointment that people feel towards the bank,” he said.

Mr O’Connor joined the board last June and was appointed non-executive chairman in succession to Mr FitzPatrick in December. His pay last year was €23,000.

He said the board will make a number of external appointments to strengthen Anglo management but certain existing executives have been moved into some of the most senior positions in the bank.

Declan Quilligan, who was tipped to succeed David Drumm amid preparations for the State recapitalisation that was abandoned when Anglo was nationalised, has been appointed chief operating officer of the bank. Formerly chief of Anglo’s operations in Britain, he remains an executive director on the bank’s board.

Mr O’Connor became executive chairman last Thursday. “The board, following consultation with the Financial Regulator, has decided to defer the appointment of a chief executive officer until the new business plan and the various reviews the board is carrying out have been completed.”

Anglo executive Matt Moran, who most recently was chief financial officer, has been appointed director of group finance. Anglo will hire an external chief risk officer.

The post will be held on an interim basis by Peter Butler, former head of the wealth management division. Pat Whelan will continue in his role as managing director of lending Ireland.