Trial date set in IBRC action against former Anglo executive

Case involving €50m alleged debts to be heard in April next year

Signage being removed from the former Anglo Irish building. Photograph: Matt Kavanagh

Signage being removed from the former Anglo Irish building. Photograph: Matt Kavanagh

 

A trial date has been set in a case involving former Anglo Irish Bank director Tom Browne and the liquidators of the Irish Bank Resolution Corporation (IBRC).

At the commercial court on Monday, the trial was set for April 21st 2020 and is due to run for six weeks.

The case is understood to involve alleged debts of approximately €50 million owed to Anglo by Mr Browne. The case was put on hold for legal reasons related to the proceedings involving other parties.

Mr Browne was Anglo’s former head of Irish operations and at one stage was considered a likely candidate for the position of chief executive at the bank.

He subsequently set up up a corporate and debt advisory business, LeBruin Private, with Cathal FitzGerald, also formerly of Anglo.

The case was first initiated in 2010 and discovery in the case is complete, Mr Justice Robert Haughton was told.

Mr Browne previously gave evidence to the Oireachtas banking inquiry in 2015, noting that he left the bank in 2007. At that time, he said, he didn’t see “a threat to the long-term viability of the bank”.

“Given what ultimately happened and the consequent impact on so many people, staff, customers, shareholders and the State, I deeply regret my own role in the building of the loan book to what became an unsustainable, overly concentrated scale,” he added at the time of the inquiry.