Anglo profiles: Tiarnan O’Mahoney, Aoife Maguire, Bernard Daly
Three former Anglo Irish Bank officials have been found guilty of trying to hide accounts
From left: Former Anglo officials Aoife Maguire, Tiarnan O’Mahony and Bernard Daly. From left: Former Anglo officials Aoife Maguire, Tiarnan O’Mahony and Bernard Daly.
Three former bank officials at Anglo Irish Bank have been found guilty on all charges against them at the Dublin Circuit Criminal Court.
Aoife Maguire (63) of Rothe Abbey, South Circular Road, Kilmainham, Dublin, Bernard Daly (67) of Collins Avenue West, Whitehall, Dublin and Tiarnan O’Mahoney (56) of Glen Pines, Enniskerry, Co Wicklow had been charged with trying to hide accounts, connected to the former chairman Sean FitzPatrick, from Revenue between March 2003 and December 2004. They had pleaded not guilty.
As chief operating officer of Anglo Irish Bank, Tiarnan O’Mahoney (56) was one of its most senior executives before he left it more than 10 years ago.
He was a contender to replace Sean FitzPatrick as chief executive in 2004 but was beaten to the job by his younger rival, David Drumm.
This surprised some, though FitzPatrick later said O’Mahoney did not fit in with the culture of the bank as he was not on the lending side. O’Mahoney worked in the area of funding for Anglo, raising money for it in the deposit and bond markets, and helping to fuel its extraordinary lending growth over a 20-year period.
O’Mahoney, initially as Anglo’s head of treasury and later as chief operating officer, aggressively targeted funding growth by offering attractive rates on retail and corporate deposits and by selling bonds internationally.
After losing the chief executive job to Drumm, he left the bank in December 2004 but his departure was smoothed with a one-off “golden parachute” payment of €3.65 million plus a €250,000 top-up to his pension. This was in addition to the €4.4 million he earned in salary and bonuses over his final three years at the bank.
A long-time supporter of Dublin GAA club Kilmacud Crokes, O’Mahoney, one of FitzPatrick’s longest-serving lieutenants, was not as popular as the charismatic Anglo boss.
In 2005, he set up Irish Securities Trading Corporation (ISTC), a lender specialising in the debt markets, with staff poached from Anglo and an investment of €165 million, mostly from Anglo’s biggest customers.
In February 2008 ISTC’s investors were forced to write off losses of €820 million after a series of credit rating downgrades on its investments triggered margin calls that ultimately toppled the company.
In 2006, the then minister for finance, Brian Cowen, appointed O’Mahoney as chairman of the Irish Pensions Board, a position he held until 2010.
Despite having had no connection with Anglo for more than three years, O’Mahoney briefed senior Department of Finance official Kevin Cardiff in September 2008 on the precarious funding situation facing the banks, just four days before the bank guarantee was introduced. The meeting had been requested by O’Mahoney.
In 2011 he was sued by the new management team installed by the Government at Anglo over his 2004 financial severance on the grounds that it had not been approved by shareholders. The case was due to be heard in 2013 but was settled shortly before it was due to go to trial before Ms Justice Mary Laffoy. The details of the settlement were not revealed in court.
O’Mahony was appointed head of sales with the Irish division of British company Moneycorp Ireland, a foreign exchange and money services group, in 2013 but resigned from the role in January 2014. Simon Carswell
Bernard Daly (67) joined Anglo Irish Bank in 1993, having previously worked as a civil servant in the Central Bank. He was appointed as Anglo’s director of treasury before taking up the role of company secretary.
It was during his time as company secretary he committed the offences for which he was convicted.
He was the face of Anglo in its dealings with the Revenue Commissioners as part of an audit of non-resident accounts in 2003.
During the course of the trial, he was painted by his defence as a man who was being “edged out to grass”. He was also a man who was not computer literate, the trial was told. The court heard he had a computer on his desk, but never turned it on.
Daly said he had a colourful relationship with his co-accused Tiarnan O’Mahoney whom he described as a “bully”. He said he had to “sort him out once”. He described himself as “straight-laced” and “an outsider” at the bank. Fiona Gartland
Aoife Maguire (62) began working at Anglo Irish Bank in 1987, starting out as a dictaphone typist.
She worked her way up and in 2004, at the time of the allegations against her, she was an assistant manager. She worked on the bank’s IT helpdesk, and was also given other tasks.
She was appointed to a task team, in late 2003, to assist in a Revenue Commissioner audit of non-resident accounts at the bank. She gave directions to IT staff to delete some accounts connected to Sean FitzPatrick.
She was answerable to then chief operating officer Tiarnan O’Mahoney, though she told gardaí she never worked directly for him.
She said she worked in departments with O’Mahoney, but there were always several people between them. She said they were not friends, though O’Mahoney did give her a job in his new company, International Securities Trading Corporation, after she left Anglo in 2009.