Anglo Irish Zombie Bank: the truth slowly unfolds…

In case you have problems getting a hold of the Anglo Irish report (overwhelming traffic has made downloads impossibly long) Gavin has the real deal here. Property Pin are pulling it to bits with the help of feeds from Bloomberg… If you want to know what it’s all about: here’s Eamonn’s poetic rendering of the grim consequences in Roscommon… Denis Hopper stars as Brian ‘Brains’ Ahern… Here’s the pay off for running a bank into the ground at the expense of the public purse:

Anglo Report: Directors got E9.5m in pay

The departed directors of Anglo Irish Bank were paid a total of E9.5m for the year to the end of September last, the bank’s Annual Report out today shows

Former chief executive, David Drumm received E1.15m in pay, E45,000 in benefits, a pension contribution of E934,000and other benefits of E3,750 giving him a total remuneration package amounting to E2.129m

Former chairman, Sean Fitzpatrick, who left in disgrace after it was revealed he received around E78m in loans from Anglo, received E525,000 in fees and E14,000 in benefits giving him a total package of E539,000 for the year

Executive director, Tom Browne, took home a total of E3.92m including E115,000 in basic pay, E27,000 in benefits and a whopping E3.7m in “other” remuneration.

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  • kenny boy

    Makes the Northern Bank robbery look like the work of amatures. “The pen is mightier than the gun”

  • scaramoosh

    That oul sleight of hand one again;

    (section 51);

    “Included in loan repayments for the year ended 30 September 2008 is €22m (2007: €21m) relating to
    amounts which were repaid shortly before year end by Sean FitzPatrick and another former Director.

    These repayments were made from deposits held with the Bank.

    The amounts were subsequently redrawn
    shortly after year end and placed back on deposit with the Bank and, accordingly, €21m
    (2007: €17m) is included in loan advances during the year.”

  • NCM

    Yet the banks are made of marble, with a guard at every door…