First prosecution over fall of Anglo Irish

Willie McAteer, the former finance director at Anglo Irish Bank, has become the first banker in Ireland to be prosecuted in connection with the collapse of the toxic bank.

Anglo, the favoured bank of property speculators and developers, was nationalised in 2009 after a massive share price collapse. Its rescue has cost the Irish taxpayer about €30bn (£23bn).

McAteer, 61, appeared before Dublin District Court yesterday charged with 16 fraud offences in relation to a failed attempt to support Anglo's shares. He was granted bail until 8 October with conditions including a €1,000 bond of his own and a €10,000 cash surety from his wife Maria, who was also in court.