A SENIOR Ulster Bank executive has secured a temporary High Court injunction restraining the bank taking any steps to terminate his employment.
John McGrane is head of product and services sales at Ulster Bank corporate markets, and also vice-president of Dublin Chamber of Commerce and a director of Dublin City Enterprise Board and the National Concert Hall.
Mark Connaughton SC, for Mr McGrane, applied ex parte (one side only represented) yesterday to Mr Justice Michael Peart for various orders against the bank. His client had worked for Ulster Bank for 38 years and was among the most senior executives in Ulster Bank in Ireland, counsel said.
The judge granted interim orders, returnable to tomorrow, restraining the bank conducting an inquiry into Mr McGrane’s competence as a member of the bank senior management team or taking steps to terminate his employment.
In an affidavit, Mr McGrane (54) said he had worked with Ulster Bank since he was 17, spending most of his career in the business, commercial and corporate bank units of Ulster Bank Group, and he was responsible for 103 staff.
Ulster Bank is operating in a period of substantial, unprecedented change to its business model and practices, resulting in a difficult working environment, he said.
The management team was told at a meeting last February “nobody here is not on the future team”, and his superior, David Thomas, managing director of Ulster Bank corporate markets, told him on March 26th last he was doing a great job, he said.
Three days later he had a meeting with Mr Thomas, who told him “we will not be going forward together” and “we need to get you to resign from the positions of chairman and director of the board of Ulster Bank Wealth.”
Mr McGrane said his superior made it clear he would not submit his fitness and probity papers to the Central Bank because Mr McGrane had been “part of the leadership team of 2008” and because of his alleged indebtedness.
When he said his alleged indebtedness had been known and fully declared at all times, Mr Thomas told him “you were part of the leadership team”, he said. There were numerous people in Ulster Bank Group, many still in senior group roles, who were part of the 2008 leadership team, he said.
In a solicitor’s letter last month, Ulster Bank said it was genuinely concerned it might not be able to certify Mr McGrane to the Central Bank as a fit and proper person in accordance with the relevant fitness and probity standards and had serious reservations about his leadership role.
It suggested a meeting for May 2nd so Mr Thomas could discuss the reservations.
Mr McGrane said he clearly met the criteria set out by the Central Bank, and Ulster Bank’s decision not to submit his fitness and probity papers would have a “catastrophic” effect on his reputation within the banking community.
It was clear a decision had been made to terminate his employment and he was at a loss as to why, after an exemplary career, he said.
Mr McGrane said he was gravely concerned for his future and any loss of employment would immediately trigger a default of his bank loans.