Fraud squad swoop on former banker

The former chief of Anglo Irish Bank was arrested yesterday by fraud squad officers after a dawn raid on his home.
By The Newsroom
Published 19th Mar 2010, 09:19 BST
Updated 19th Mar 2010, 09:19 BST

Sean FitzPatrick – former chairman and chief executive of the now nationalised bank – was arrested at his house in Greystones, Co Wicklow.

Fraud squad detectives were last night granted granted an extra 12 hours to hold him after an initial 12-hour period elapsed.

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The ex-banker stepped down in December 2008 when it emerged he had loans worth E87m with the institution.

Over a period of eight years up to 2007, Mr Fitzpatrick, 61, temporarily transferred loans with Anglo Irish to another bank before the annual report was audited. It later emerged that the loan reached as much as E129m at one point in 2007.

Officers from the Garda Bureau of Fraud Investigation (GBFI) searched Mr FitzPatrick's home as part of a continuing operation into alleged financial irregularities.

The Financial Regulator last year called on the GBFI to investigate the bank.

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Earlier this month Anglo Irish Bank began legal action against Mr FitzPatrick to try to recover loans of E70m.

Former finance minister Alan Dukes, the bank's incoming head, has said the court case will be treated in the same way as any other debt.