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Date Posted: 07:44:04 05/30/04 Sun GMT
Author: Lynn
Subject: 2 Executives, at Irish Bank and airline, resign amid scandals (NYTimes)

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May 30, 2004

2 Executives, at Irish Bank and Airline, Resign Amid Scandals
By AGENCE FRANCE-PRESSE

DUBLIN, May 29 (Agence France-Presse) — Two of Ireland's top executives, the chairman of the national airline Aer Lingus and the chief executive of the Bank of Ireland, resigned Saturday as a result of separate bank scandals.

Tom Mulcahy, the chairman of Aer Lingus, resigned in a letter to Seamus Brennan, the transport minister, after widely being named in the media on Saturday in connection with a tax-evasion scandal at Allied Irish Bank.

Michael Soden, chief executive of Bank of Ireland, stepped down after acknowledging that he had used his personal computer to view Internet sites containing what he described as "adult" material.

Allied Irish Bank disclosed Thursday that it was investigating current and former executives, but declined to identify them.

The bank said the executives were accused of tax evasion and inappropriate and unacceptable behavior at its investment subsidiary and that "appropriate disciplinary action" was being taken.

Mr. Mulcahy had been Allied Irish Bank's chief executive for seven years before his appointment to Aer Lingus.

He said he was "tax compliant" and had no knowledge of a British Virgin Islands company, Faldor Ltd., that is at the center of the bank scandal.

"I am of the view that this whole issue draws adverse publicity on Aer Lingus as a state company by association," Mr. Mulcahy stated in his letter.

"In light of this and in order to enjoy privacy for myself and my family in my retirement years, I resign my position," the letter said.

Mr. Mulcahy is leaving as the airline prepares to raise new money for development.

Mr. Soden of the Bank of Ireland said Saturday that the content of the material he viewed online "was not illegal but did contain links to material of an adult nature."

"I now understand and accept that in doing this I breached the policies of the bank," Mr. Soden said.

Mr. Soden joined Bank of Ireland in 2001. He was formerly the executive general manager for global business and personal financial services at National Australia Bank.

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