LONDON (Reuters) - The chief executive of the former Anglo Irish Bank, Mike Aynsley, is stepping down in the aftermath of the institution’s liquidation on Thursday.
Aynsley, who joined the bank in late 2009, announced his departure in an email sent on Friday, which was seen by Reuters.
A source told Reuters that several other senior executives who were hired as part of the bailed-out bank’s 2009/2010 reincarnation had also departed.
Larry Broderick, head of banking trade union the IBOA, said over 800 of the bank’s staff were still in place after being offered new contracts by the bank’s liquidator. Most of the contracts are temporary.
In Friday’s email, Aynsley described the debt deal that triggered the bank’s liquidation, as “very positive for Ireland”.
The country’s government announced on Thursday that it had succeeded in restructuring a 25 billion euro promissory note used to bail out Anglo Irish Bank in 2010 to stretch out payments over a longer period of time.
The deal includes liquidating Anglo, more recently known as Irish Bank Resolution Corporation (IBRC), and transferring much of its remaining assets to Ireland’s so-called “bad bank” the state-run National Asset Management Agency or NAMA.
“As a result of this, the liquidator, Kieran Wallace, is embarking on a classic, speedy liquidation process in conjunction with KPMG who are acting in support of the process and in a management capacity through out,” Aynsley said.
The liquidation automatically ended the employment of all direct employees of the bank.
Broderick said more than 800 of IBRC’s 870 staff in the Republic of Ireland had been offered new contracts on Thursday. Most are on a rolling one-month basis, but about 100 staff in the bank’s existing NAMA unit have been guaranteed work until July, he said.
IBRC, in common with other banks that transferred commercial real estate loans to NAMA, continues to service those loans under an agreement with NAMA.
Wallace could not immediately be reached for comment.
Reporting By Laura Noonan; Editing By Steve Slater and Jane Merriman