The Minister for Finance, Mr. Brian Lenihan, TD, today welcomed the appointment of Mr. Mike Aynsley as the new Chief Executive Officer (CEO) of Anglo Irish Bank. This appointment was made following consultation with the Minister as sole shareholder in Anglo. The Minister intends to appoint Mr. Aynsley to the Board of Anglo in due course.

The Minister said that Mr. Aynsley, who has significant experience at senior level in the banking sector, was an important appointment for Anglo, in what are challenging times for all financial institutions.

The Minister looks forward to the leadership and direction that Mr. Aynsley will bring to Anglo as CEO, particularly with regard to the Board’s ongoing development of a restructuring plan for the bank. The restructuring plan will set out the future strategy for the bank, and will be submitted to the EU Commission for approval by end November under State aid rules, following the recent provision of capital to Anglo.

The Minister also noted that, following the appointment of Mr. Aynsley as CEO, the current Executive Chairman of Anglo, Mr. Donal O’Connor, will revert to the position of Chairman. The Minister thanked Mr. O’Connor for his personal commitment and vital contribution as Executive Chairman, in steering Anglo through a period of significant change for the bank, since it was taken into public ownership last January. The Minister looks forward to Mr. O’Connor’s continued central role in Anglo in his position as Chairman.

The Minister looks forward to certain further appointments to senior management roles in Anglo, to lead it through its current challenges.

17 August 2009

ENDS