Bloomberg News

Anglo Irish Bank’s Finance Director Willie McAteer Resigns

January 07, 2009

Jan. 7 (Bloomberg) -- Anglo Irish Bank Corp., the lender getting a 1.5 billion-euro ($2.04 billion) bailout from the government in Ireland, said Finance Director and Chief Risk Officer Willie McAteer resigned.

Matt Moran, currently chief financial officer, will become finance director, Dublin-based Anglo Irish said today in a Regulatory News Service statement. The bank is separating McAteer’s duel role, and a new chief risk officer will be appointed, it said.

“The board has decided to appoint a new chief risk officer from outside the bank who has the experience of international best practice and who will bring a comprehensive approach to the key area of risk management throughout the bank,” Anglo Irish Chairman Donal O’Connor said in the statement.

Anglo Irish said it will appoint a new chief executive before investors vote next week on the government rescue package. David Drumm quit as CEO last month after former chairman Sean Fitzpatrick acknowledge hiding loans. Fitzpatrick quit Anglo Irish Dec. 18 after more than three decades at the bank, saying he didn’t fully disclose 87 million euros in loans it made.

Anglo Irish rose 26 percent to 26 euro cents at 12:59 p.m. in Dublin trading. The stock lost 98 percent of its value in 2008.

Ireland’s government is investing 1.5 billion euros to shore up Anglo Irish, which faces mounting losses on loan to property developers, and two other banks.

To contact the reporter on this story: Ian Guider in Dublin at iguider@bloomberg.net.

To contact the editors responsible for this story: Mike Anderson at manderson34@bloomberg.net; Frank Connelly at fconnelly@bloomberg.net.


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