Anglo bosses scoop €19m reward for leading bank to €12.7bn loss
Collapsed Anglo Irish Bank paid top management €19m in the 15 months to the end of last year, including €7m in salaries and €1m in directors' fees.
One of those in the money in that period was disgraced former chief executive and chairman Sean FitzPatrick, who managed to secure €131,000 in fees in his last few months at the property bank.
The ex-bank chief, questioned by the Fraud Squad a fortnight ago in connection with Anglo's collapse, quit in December 2008 after taking home €539,000 for the year.
His one-time boardroom ally David Drumm, now living in a house valued at around $4m (€2.95m) in an exclusive US holiday spot and wanted for questioning by detectives, pulled in a pay packet of €1.3m for the 15 months up to the end of last year - despite resigning at the same time as his former boss.
His salary, fees and pension payment for the period included €654,000 in wages and benefits and an enormous €659,400 performance bonus for his work in 2005.
Anglo's new management said he is still fighting tooth and nail to get his hands on a deferred bonus worth €669,300.
That was after taking home €2.1m in 2008 as the massive lending bank was brought to its knees.
Risk officer William McAteer, another ex-Anglo executive at the centre of the fraud probe, quit in January last year but secured €679,600 for himself including a bonus for work up to 2005 worth €439,600.
Unlike his former board colleague Drumm, the report says he has not been paid a second bonus worth €446,200 and nor does it suggest he is fighting for it.
Chairman Donal O'Connor has earned more than half a million euro for his work since coming on board - his mammoth pay packet included €348,000 in salary and benefits and €171,000 in fees.
New chief executive Mike Aynsley was paid a total of €329,000, while Government appointee Alan Dukes was paid €102,000.
Surprisingly, Anglo only paid €4m in salaries to its top bankers' in 2008, prompting management to blame higher wages from 2009 on a crossover as the old, scandal-hit board was cleared out.
Other directors in the pay included former executive Tom Browne, who was given a €3.75m handshake for his contribution to the group when he retired in 2007.
Declan Quilligan had an initial pay packet of €752,000, and despite him walking away from a director's role in September 2009 he topped up his salary with another €1.5m in fees and bonuses and another €1.9m pension.
The bank asked him for €1.3m to cover some outstanding loans.
Staff costs for the 15 months to the end of last year were €155m after more than 100 redundancies, and compared to €185m in 2008. Anglo said lay-offs cost the bank €13m.
The directors are attempting to turn the fallen lender into a good bank, bad bank scenario.
One so-called division "old Anglo" will be wound down and include legacy issues such as the loans to former directors, significantly impaired loans which bad-bank Nama does not take on and subordinated debt such as unsecured loans.
The new bank will hold deposits, debt which was guaranteed and some good investments to put a business bank on sound footing.
