He would be forced by the Central Bank later that evening to reissue the memo, retracting the reference to “no findings of actual conflict of interest or customer loss”. Kearney engaged advisory firm LeBruin Private, co-founded by former Anglo Irish executive Tom Browne, in 2014 to help him deal with the debt. While his case was settled in early 2016 – for a figure understood to be between €2 million and €3 million – the Central Bank was only getting started. The Central Bank said the consortium sold a “large tranche” of the bonds three weeks after acquiring the securities to “a fund manager”. Industry sources put a conservative valuation on the business, which has about 700 staff, of between €350 million and €400 million.

Source: The Irish Times March 05, 2021 04:50 UTC