ANGLO IRISH Bank has told staff the role of chief executive of its UK operations will no longer exist after announcing the departure of Declan Quilligan, a 20-year veteran of the bank.
Anglo has decided to restructure its UK business where it had loans of €18.7 billion, or just over a quarter of its loan book, at March 2009, bringing the division under the direct control of its head office.
The changes mark a major overhaul of the management of a key overseas market for the bank, giving the senior management team in Dublin more control over the bank’s lending in the UK.
Mr Quilligan was one of the senior members of the bank’s old management team reporting to former chief executive David Drumm and former chairman Sean FitzPatrick as a director.
He was appointed chief executive of Anglo’s UK operations in 2005 and joined the bank’s board in 2006. He helped manage the lender after it was taken into State ownership in January 2009.
The bank’s chief executive, Mike Aynsley, told staff in an e-mail the head of finance, treasury, operations, human resources and lending in the UK will now report directly to Dublin.
Mr Aynsley told staff yesterday Mr Quilligan had “decided to pursue external interests”. The bank appointed Mr Quilligan chief executive prior to nationalisation in January 2009, succeeding Mr Drumm after his resignation the previous month over hidden loans of up to €122 million to Mr FitzPatrick. However, Mr Quilligan did not hold on to the role, as the appointment was not approved by the Financial Regulator. He was instead appointed chief operating officer in February 2009 following the nationalisation of the bank.
Following this appointment, he worked with Donal O’Connor, the then executive chairman of the bank, to stabilise the institution.
Mr Quilligan stepped down from the Anglo board last September after Mr Aynsley took over as chief executive and returned to his role as head of UK operations.
His departure follows other executives who formed a key part of the FitzPatrick-Drumm team.
The head of Anglo’s Irish division, Pat Whelan, and the former head of finance, Matt Moran, both left the bank last December.
Anglo promoted Jim Brydie, who previously reported to Mr Quilligan, to the role of head of lending last December. Mr Brydie will now oversee the UK business.
Mr Aynsley told staff he wanted to “streamline” the bank, centralising its management structures to eliminate any duplication.
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