On 7 September 2012 it was announced to all staff in IBRC that the person referred to in the question was to be appointed as the Bank's new Head of Market Solutions on secondment from the Department of Finance, commencing the role on 2 October 2012. The person referred to in the question brought over 20 years experience in domestic and international wholesale banking to the role.
The responsibilities of the person referred to in the question included:
- Membership of the Bank's Group Executive Committee (GEXCO);
- Membership of the Transaction Review Committee;
- Contribute to the strategic leadership of the Bank;
- Analyse existing investments within the portfolio, critically assess business plans, operations, management, processes, risks, and opportunities;
- Structure/restructure loans/investments from an optimal financial perspective, negotiate the structure and preferred terms;
- Identifying and developing deal opportunities with external investors and financiers that meet the various strategic and financial objectives of the Bank in wind down;
- Build and maintain dialogue with potential investors and counter-parties to establish market opportunities and viable transaction options that assist the Bank meeting its wind down objectives;
- Engagement will be across private equity funds, credit opportunity funds, real estate funds and sovereign wealth funds as well as banks and other providers of credit in the European markets;
- Work with asset recovery teams;
- Appoint brokers/advisors in accordance with the Bank's procurement and compliance policy;
- Team management, and;
- Lead the execution of transactions and engage with counter parties while involving internal group functional groups as well as external service providers.
The person referred to in the question was not party to any planning, preparation or discussions surrounding the ultimate liquidation of IBRC in February 2013.
While the person referred to in the question remained an employee of the Department of Finance during his secondment to IBRC, he worked solely for IBRC during this time with the Market Solutions team and heads of departments to ensure accurate data, information, due diligence and, if appropriate, disposal options for the portfolio. The work completed by the person referred to in the question, including all reports and proposals, was prepared and considered by the IBRC management/committees and, where appropriate, Board as part of the operation of the Bank.
Details of any transactions which the person referred to in the question worked on during his secondment to IBRC are not held by this Department as these were matters for the Bank at that time.
