BANKING ON TOM CHAPTER 4

 BANKING ON TOM CHAPTER 4

BLOOD ON THE BOARDROOM FLOOR    MONDAY

 

The IBB Boardroom was distinguished and dark with mahogany wood panelling. Twenty people could be seated comfortably around the table. At the top sat the Chairman Sebastian Shackleton and at the other end sat Jim O’Sullivan. The non-executive directors sat together to the Chairman’s left. These men, and they were all men, were typically retired heads of business, well regarded in the community. Their role was to take an independent view of the Bank and where necessary sound a note of caution. The Central Bank liked to feel there were a second pair of eyes watching over the financial institutions for which it was responsible. In truth the non-execs did very little. Rarely if ever did they voice a criticism and they were promised committees if there were outstanding matters. Some liked to hear the sound of the own voices. Rarely did they spot the ice berg approaching the Titanic. They had the impossible task of policing the execs on whose goodwill they depended. Very occasionally war would break out as egos clashed. Under Sebastian’s careful leadership all was peaceful and polite.

 

Tom had his files neatly stacked in front of him. Although not a director, Steph because of her extensive knowledge, was invited to attend but not to vote. She entered the room followed by Brian with even more files. He left them to Steph’s side and slipped out. Maura had one slender file in an expensive leather case, a note pad and a premium fountain pen. Steph surmised that all that was contained in Maura’s folder was an updated CV.

 

The Board Meeting proceeded without comment or incident. All matters on the Agenda were covered by 12.00. Sebastian was about to get to his feet to deliver his resignation speech when he was interrupted by Simon. His intervention was clearly not anticipated. Breaking with rules and etiquette which would have required him to ask permission from the Chairman he simply got to his feet. He stood in silence for a moment savouring his moment in the sun.         

 

‘Gentlemen, I have to share with you that the BBB Board is very disappointed with the performance of IBB. Your forecast increase in profits  of 10% will no longer suffice. If we have no tangible plans to increase profitability within the next thirty days, we will have no option but to close IBB down. There is a small possibility of selling the Bank as a going concern, but Banks are pulling out of Dublin, not pouring in. Staff will get redundancy packages and letters of recommendation. The most attractive option is to close the Bank down and transfer the assets to London. The Bank has a net worth on paper of almost £30m. We have every confidence that in a liquidation we would achieve £40m. This will not come as a surprise to most of you. BBB has been pushing for change for some months now. We can use the capital more profitably in London.’

 

A look of panic crossed the faces of the non-execs. Simon took his seat, clearly pleased with the effect he had created. Only Sebastian seemed unmoved and said 

‘Well, the Lord giveth, and the Lord taketh away’ he remarked as if commenting on a game of golf. 

‘Clearly Head Office in London has a big say in our future. But our responsibilities to BBB are matched by our responsibilities to staff and customers.’

‘Of course’ responded Simon ‘but having read the letters of rules and regulations between London and Dublin, I can assure you this is all by the book.’

Jim O’Sullivan got to his feet, his fists clenched and his beard bristling.

‘Well. Sonny boy, you can take your rules and regulations and wipe your arse with them. You seem to forget that while we have an English owner BBB, who has been well rewarded every year with dividends, we are regulated by the Central Bank of Ireland. We are also mindful of the rules of working and living within the EU and the rules that protect third parties. So what you are proposing in the time scale suggested, will simply not fly. However it is useful to know what our good friends are thinking so we can plan a future without that type of friend. You are now excused from the meeting. We need to make plans of which you will not be a part. I will get my secretary to arrange a taxi to the airport. I would offer you lunch but unfortunately, we are cutting costs.’

‘Goodbye Mr. Whyte’

Simon seemed to lose his bravura. He certainly was not expecting this reply. He realized he had overplayed his hand and overstepped his remit.

Simon got shakily to his feet ‘Well I suppose we shall meet again soon’; he stammered as he collected his papers.'

‘I wouldn’t fucking count on it’ shot Jim

Jim realised he was also overplaying his hand. But it was good to retain the initiative. Any hesitation would be mistaken by London for weakness. Sebastian smiled and said nothing. Maura opened and closed her expensive fountain pen various times. Steph was as angry as she ever had been. Tom seemed caught up in his own thoughts. This showdown had not come as a complete surprise. He had been expecting this day if not in exactly the way Simon had delivered. A plan that had been formulating for some months began to take shape.   

 

Sebastian made his way to Simon and put an avuncular arm around Simon’s shoulder ‘Never easy to be the messenger, old man. You can tell Ben and the Board we will revert within the next two weeks with our proposals. Send him my best.’

 

It seemed Simon was more crushed by Sebastian’s gentlemanly response than by Jim’s broadside. He gathered his papers. Finding no friendly eyes around the table, he shook Sebastian’s hand and made for reception. He cut a lonely figure. No coffee was sought or offered as he waited. He just hoped the Bank had not called the same taxi.  

 

Sebastian seemed to grow in the moment. Years of useless, sleepy Board Meetings seemed to roll off him. At last a real problem requiring real solutions. He looked ten years younger with a sparkle in his eyes. The same could not be said for everyone else. The least affected would be the non-execs. They would lose their easy money, the Director’s fees and the monthly lunches and the prestige. But all of them were financially comfortable. None of them turned out to be of any use at this critical time. In the circumstances no one was surprised when Sebastian cancelled lunch and invited the others to return to their desks and continue as normal. Above all, the junior staff were not to be informed until they had generated a plan. No one was comfortable with the liquidation of the Bank even though redundancy terms would be generous. Beyond the money was the pride in the business they had built up.

 

Maura looked traumatised. Mentally she was no longer in the room. All she could imagine was sitting in another recruitment office next week, explaining what had happened without really understanding it. She could not focus on the present predicament.

 

Jim was striding up and down the room getting more agitated by the second.

‘Ben, the bastard, He could at least have given me a call. This is preposterous.’

Sebastian sat back in his chair.

‘Clearly, I need to ring Ben right away. I suspect young Simon may have overstepped the mark, but only in extent, not in direction. I suspect they want out of Ireland one way or another. In a curious way this may work to our advantage.

You and I Jim need to speak to the Central Bank this afternoon’

‘Remember not a word to the junior staff. They need to be running the bank as smoothly as ever.

Steph looked over at Tom who was now writing down figures speedily. He was in a world of his own. Over the years she knew how to read the look He was scheming. Maura made her excuses and practically ran out of the Boardroom.

 

Her hands shaking, she rang Kevin’s mobile number and got his recorded voice message. Impatiently she rang his office. Secretaries in Adsome took their roles with great importance. They were not young ladies in a typing pool. They were personal assistants. She spoke with Kevin’s long-suffering PA. Maura detected hesitation and nervousness. Having practised the dark art of deception for longer than this young PA had been in the world she immediately smelt a rat.

Maura rang back an hour later to receive another different excuse. He was in another meeting.

Maura had suffered enough “Right Helen, this is family emergency, put me through immediately.’

Helen explained she must have been mistaken. That in fact Kevin had left to meet a client in Galway. He would be back tomorrow. Reluctantly, very reluctantly Helen gave Maura the name of the hotel in Galway.

 

Maura had a bad feeling about this. She rang the hotel, introducing herself as Kevin’s wife and she was running late, The hotel receptionist confirmed a room had been book for Mr and Mrs O’Gorman. The booking was fine and had been paid for two weeks ago with the company credit card. All was hunky dory reported the receptionist.

‘Hunky Dory, my arse’ reflected Maura. She was tempted to jump into her BMW convertible that very moment and confront her cheating husband when there was a polite knock on her door.

She was surprised to find Tom.

They rarely found anything to discuss. Even in matters , nominally her area, Tom would informally check with Steph who knew the rules back to front. Maura knew his loyalties lay with Steph and could not fault him for that. Calmly and confidently he laid out a plan that was simple, breath-taking and brave. It would require her input as head of Compliance to square the necessary compliance permissions within IBB and BBB.

‘Think about it overnight’ he suggested. ‘But don’t discuss it with anyone, not even your husband’

'Some bloody chance’ thought Maura