Anglo Irish Banks executives – Mike Aynsley, John Bowe, David Drumm

The rise and fall of Anglo Irish bank has made some names famous, and others infamous. To help identify the aiders and the culprits of the complex situation unfolding in Ireland’s financial industry, below is a list of the main players in the events and where they stand now.

On the side of famous, we have Mike Aynsley, a strong financial figure with a seemingly clear idea of the situation. On the side of infamous, we have John Bowe and David Drumm, brought into the public awareness because of the leaked tapes of their conversations to the press.

Mike Aynsley

The Australian financier was brought into the fray as CEO to try and alleviate some of the bank’s issues and bring it back under control. He was successful in his bid to reduce the bank’s assets that lay in loans, bringing it from an uncontrollable €115 billion to a more manageable €14 billion. He also brought in €10 billion through the sale of the US assets of the bank.

Aynsley was able to bring the bank into solvency, but the decision of the government to make the bank liquidate may have undermined his hard work. The solution remains to be seen, but Aynsley has returned to his native Australia.

John Bowe

The banking executive was brought from virtual nonexistence in the public eye to the forefront of the Irish press’s interest in the Anglo Irish debacle. The internal telephone conversations between himself and his colleagues at the bank were published earlier this year, and they were less than flattering.

His most pertinent statement was perhaps on the €7 billion loan from the government to salvage the bank. “I picked it out of my arse,” he can be heard saying of the figure that costs the taxpayer more than a pretty penny.

Currently, Bowe is away in Istanbul, attempting to rein in some of the loans that the bank made to balance the books a little better.

David Drumm

Formerly the Chief Executive Officer of Anglo Irish before Aynsley, Drumm was replaced because of the spectacularly unwise comments he made on the leaked tapes. Within the space of a few short months, Drumm realised that the bank’s loans from the Central Bank were not enough to save it due to his misjudgement, and he turned to threats to resolve the situation.

His planned words to the Finance Minister Lenihan were: “What’s this about having to go through due diligence? You made that decision on the 29th of September. You’ve told world we’re all solvent. Now can you protect your hundred billion guarantee of us by writing a two or three billion cheque and get on with it.”

His unwieldy attitude towards the bank and towards the finance regulators led to this dismissal from the bank, and his condemnation by the public and the financial industry.

To keep up to speed on the situation at Anglo Irish Bank, please read my other posts and take a look at my Slide Share.


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