Seán Fitzpatrick steps down as Chairman of Anglo

Brendan Burgess

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Apparently he has had €87m in loans from the bank which were never disclosed in the accounts.

Each year before the audit, he repaid the loans with borrowings from another financial institution, and reborrowed after the audit was finished.

There was nothing illegal in what he did, but it was inappropriate.

Brendan
 
I would like to know which financial institution lent him €87m every year for 6 years for a few weeks to refinance the loan?

Did they ask the purpose of it?

Is the Financial Regulator looking at that one as well?

Brendan
 
This is really astonishing and will open up a serious can of worms. Hopefully its what we needed to clear the decks as if Sean Fitz has come clean or been caught you would have to imagine that alot of executives in all the banks have similiar loans.
 
There is nothing wrong with directors having loans.

But they are obliged to disclose them in the accounts. That is what was inappropriate about what Seán Fitzpatrick did.

Brendan
 
Ethics? This is a devious practice - no two ways about it.
 
Simeon said:
Ethics? This is a devious practice - no two ways about it.
Click to expand...

The government should withdraw the taxpayer backed guarantee that they issued to Anglo, forget about any state recapitalisation and let the stock market pass judgment on the management of this pitiful bank.
 
They Could not withdraw the guarantee - you would have a run on all Banks. Besides it would be inappropriate!!
 
So many questions here. Who was the other financial institution? What was the money for? Who else was involved - can't believe that 87m was just for Fitzpatrick.

And the news report says the FR has been aware of this for "months". Why not disclose before now?
 
The FR should resign or be sacked but sorry I forgot this is Ireland it wont happen.
 
Lar Bradshaw resigned as well. He had a joint loan with Sean Fitzpatrick.
 
How the hell did no one notice 87 million euro switching to and fro every year? Or did everyone know but just turn a blind eye?
 
Who is stepping down from Irish Nationwide? The regulator knew earlier this year about this. Lenihan must answer when did he find out? Did he know about this at time of guarantee? The Irish Public are being treated with total contempt.
 
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