Ex-Anglo Irish boss named in 16 offences
Belfast-born David McKittrick has been reporting on Northern Ireland since 1971, He has written for the East Antrim Times, the Irish Times and was The Independent's Irish correspondent for many years. He is the author of several books including Making Sense of the Troubles (2000) and Lost Lives (1999).
Wednesday 25 July 2012
Ireland's most criticised banker appeared yesterday in a Dublin court facing sixteen charges following a major investigation into alleged financial irregularities at Anglo Irish Bank.
Sean FitzPatrick, one-time chief executive and chairman of the bank, built it up into what was once regarded as one of the biggest success stories of Ireland's boom years. Yesterday, he became the third of its executives to face serious charges.
He stands accused of sixteen offences, including permitting the bank to give financial assistance to six members of the once hugely wealthy Quinn family and ten senior clients of the bank to enable them to buy shares in the bank. Anglo advanced the loans to prop up its shares in order to increase confidence in the bank. The institution later collapsed and was nationalised at a cost of around €30 billion.
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