Sunday 18 August 2019

Bank chief on €650k pension to hoover up cheap property loans

THE CHIEF who oversaw Bank of Ireland's disastrous move into property loans is now trying to buy them back at a massive discount.

As the taxpayer pumps billions into the ailing bank, its former boss Brian Goggin is on the prowl for discounted assets.

Goggin gets a €650,000 a year pension.

The Foxrock banker -- often seen dining in the upmarket suburb's restaurants -- is fronting a foreign move to buy property loans and assets from the banks.

The €50bn private equity giant Apollo has made a series of presentations to executives of Irish banks and foreign banks with Irish subsidiaries at a central London hotel late last year.

The Sunday Independent said Mr Goggin had linked up with Apollo to buy financial assets in Ireland. He became a director of Financial Credit Investments in the IFSC, where his co-director is high-flying Apollo partner Gernot Lohr.

The company is thought to be involved in buying or refinancing huge blocks of life insurance polices having registered a loan with Credit Suisse AG (Cayman Islands) and Credit Suisse Securities (USA) in January".

Goggin stepped down from Bank of Ireland in mid-2009, soon after giving an interview to RTE detailing how he would be paid "less than €2m".

The move to approach Irish banks with offers to buy certain properties or property related loans is said to have accelerated in recent weeks.

One banking source was quoted as saying that the Apollo investors were keen to do a deal with Bank of Ireland over some of its loan portfolio.

Mr Goggin's role in any deal

with Bank of Ireland was described as being like "political kryptonite" for the Government as the Foxrock banker led the bank into a "disastrous orgy" of lending which has seen the State forced to pump €3.5bn into keeping the bank afloat, political analysts said.

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