EBS’s executive pay structure was a factor in excessive lending

There was nothing in Alan Merriman’s CV to suggest to members of the Educational Building Society that the society would find itself knee deep in commercial property loans while he was finance director.

14th March, 2009

There was nothing in Alan Merriman’s CV to suggest to members of the Educational Building Society that the society would find itself knee deep in commercial property loans while he was finance director.

Merriman was seen very much as a safe pair of hands when he joined the society as finance director in July 2005. A chartered accountant from blue-chip accounting firm PricewaterhouseCoopers, he had been made partner while still in his 30s.

Merriman...

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