Anglo advisers 'address concerns'

MINISTER FOR Finance Michael Noonan has said consultants employed by the former Anglo Irish Bank have addressed concerns raised about the independence of their work.

Mr Noonan told the Dáil this week that US-based FTI Consulting had given a comprehensive response addressing Sinn Féin concerns about the independence of their involvement in the process of appointing advisors at the Irish Bank Resolution Corporation (formerly Anglo).

Late last year, the bank engaged FTI to assist on conflict of interest issues in the appointment of the Blackstone Group, the world’s biggest private equity firm. Its strategic advisory arm was engaged to advise on the sale of its €30 billion loan book in the UK and Ireland. Last August, Blackstone’s investment arm was an unsuccessful bidder for the bank’s US loan book.

Sinn Féin TDs have asked a series of parliamentary questions about the bank’s involvement with Blackstone and its appointment of FTI to advise on issues concerning Blackstone. Mr Adams pointed out that FTI had hired a former vice-president of Anglo, Brett Witherell. Mr Noonan relayed to the Dáil the response given by FTI to the bank. FTI said Mr Witherell was hired last December 19th as a director in its corporate financing restructuring practice after FTI’s work on Anglo’s US loan portfolio was complete and without the knowledge of the bank, it said.