Anglo takes action against former bank director

ANGLO IRISH Bank has instituted proceedings against its former head of Irish operations, Tom Browne.

It is understood Mr Browne, a former director of the bank, owes in the range of €10 million to €14 million to his former employer.

The bank appointed KPMG as receiver to his British assets earlier in the year but not over his Irish properties, which are understood to be substantial.

Efforts to contact Mr Browne last night were not successful. A spokesman for Anglo said he had no comment.

At one stage, Mr Browne was considered a likely candidate for the position of chief executive at the bank, but he lost out to David Drumm.

Mr Browne, who left the bank in 2007, owns commercial property in Galway in partnership with a senior AIB manager, John Hughes.

Some of the property is leased to the State.

Mr Hughes, in partnership with others, has had commercial dealings with Anglo.

Mr Browne has also been in business with a senior banker based at AIB Bankcentre in Dublin, Tommy Hopkins.

After leaving Anglo, Mr Browne set up a private wealth management firm called Lebruin Private with another former Anglo official, Cathal Fitzgerald. In the year to April 2009, the company lost more than €535,000.

In more recent times Mr Browne has written to friends and to creditors, noting that he was in financial difficulty and criticising the management of Anglo in the period since he left. He is understood to have owned a substantial amount of shares in the now nationalised bank.

In March 2008, Mr Browne transferred his interest in his family home in Foxrock, Dublin, to his wife Diane, according to files in the Registry of Deeds.

Ms Browne has acted as a director of a property management company in Galway.