Grey­stones man re­signs top bank post

Bray People - - Bray People -

GREY­STONES MAN Seán Fitz­patrick sen­sa­tion­ally re­signed as chair­man of An­glo Ir­ish Bank last Thurs­day night, as it was re­vealed he had hid­den loans of €87 mil­lion, more than twice the amount shown for loans to all 13 direc­tors in last year’s ac­counts.

Fitz­patrick spoke at last Oc­to­ber’s LaTouche legacy con­fer­ence in Grey­stones, iron­i­cally giv­ing an af­ter-din­ner talk in which he de­fended bank­ing prac­tices sur­round­ing the cur­rent cri­sis.

It emerged that Fitz­patrick’s debt makes up more than half of the to­tal true amount loaned to direc­tors of An­glo Ir­ish Bank.

CEO David Drumm and di­rec­tor Lar Brandshw also ten­dered their res­ig­na­tions. While com­pany fig­ures showed that direc­tors had loans of €41 mil­lion from the bank, an­a­lysts dis­cov­ered that direc­tors’ bor­row­ings ac­tu­ally stands at €150 mil­lion.

A state­ment from the bank said Mr Fitz­patrick would move his loans to an­other bank, un­der­stood to be Ir­ish Na­tion­wide, be­fore the end of each fi­nan­cial year, so that they would not be recorded by the au­di­tors. The loans were then moved back to An­glo Ir­ish in a prac­tice which con­tin­ued for eight years.

The Fi­nan­cial Reg­u­la­tor said in a state­ment that while it does not ap­pear any­thing il­le­gal took place, the prac­tices sur­round­ing the loans were ‘not ap­pro­pri­ate.’ The reg­u­la­tor ad­vised An­glo-Ir­ish Bank to en­sure that the loans are re­ported in the an­nual ac­counts for 2008.

Fitz­patrick, who lives on the lux­u­ri­ous Whit­shed Road in Grey­stones, is mar­ried to Tri­ona and they have three chil­dren.

The high-pro­file busi­ness­man took the helm of GAA sup­port­ers’ club ‘Friends of Wick­low Foot­ball,’ in Jan­uary 2007.

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