Greystones man resigns top bank post
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.