The death has taken place of Cormac McCarthy, the former chief executive of Ulster Bank and First Active Building Society.

He was 58 years old.

A graduate of UCD and a chartered accountant, Mr McCarthy began his career at KPMG (then Stokes Kennedy Crowley) in 1983 where he worked for almost seven years.

He then joined Woodchester Investments where he spent the following nine years, rising to the role of group financial controller.

Mr McCarthy left that firm in 1998 to join First Active Building Society, first as head of finance and then chief financial officer, before assuming the role of chief executive at the turn of the millennium aged 36.

Following its stock market flotation, Mr McCarthy then oversaw its sale to Ulster Bank in 2003, before taking over as CEO of the combined entity.

He remained in the role for over seven years as Ulster Bank grew strongly off the back of the Celtic Tiger economy, before it then entered into the financial crisis.

Ultimately, weighed down by bad loans, the institution ended up receiving a £15bn bailout from parent Royal Bank of Scotland (RBS).

Mr McCarthy them moved to RBS, as deputy CEO UK Retail Banking.

He left the bank in 2011, and assumed a number of non-executive director roles, including at Paddy Power where later served as chief financial officer from 2012 until 2016 when it merged with Betfair.

Since then Mr McCarthy held non-executive director positions with a range of organisations, including UCD Foundation where he was also chairman, DCC and H+K International.

"I know many colleagues, including myself, worked with Cormac personally during his time in First Active, Ulster Bank and RBS, and knew him very well," said Ulster Bank CEO, Jane Howard, in a message to staff.

"Cormac led the Bank during a period of significant change both in the Bank and in Ireland in general, and he always brought great energy to the table."

"He was held in high regard and we will remember his drive, determination and leadership."

"We are deeply saddened by the loss of our colleague Cormac McCarthy," said John Moloney, chairman of DCC.

"He brought great insight, generosity and experience to his role as Director. His wise counsel and friendship will be sadly missed by all at DCC."