The long awaited annual report from the now state owned Anglo Irish Bank is finally published.
In the report, the bank's chairman, Donal O'Conor acknowledges the hurt and outrage that people feel towards Anglo Irish Bank. Donal O'Conor will become executive chairman of the bank and warned that it would face more bad loans in the future as the economic downturn continues.
Today's annual report from Anglo Irish Bank leaves many questions unanswered.
The report also confirms that three hundred million euro in loans to the so-called 'golden circle' and to directors of the bank have been written off. It also revealed that the former Chief Executive of Anglo Irish Bank David Drumm was paid more than two million euro in 2008 before he resigned.
Another executive director Tom Brown who left in November 2007 was paid a total of €3.9 million that included a €3.7 million payment in recognition of his contribution to the bank. The former Chairman Sean Fitzpatrick collected more than half a million euro.
Professor Ray Kinsella of University College Dublin comments on the negative public opinion of financial institutions who pay large remuneration to executives who have badly let down their customers.
Businessman Ulick McEvaddy defended the the golden circle directors.
Despite what the media project them, I think they are heroes to have supported the bank in its hour of need.
An RTÉ News report broadcast on 20 February 2009. The reporter is David Murphy.
