Bankrupt former Anglo bank boss has income of just $250 a week

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Former Anglo Irish Bank Boss, Sean FitzPatrick

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Former chairman of Anglo Irish Bank, Sean FitzPatrick, whose debts are said to exceed his assets by more than 95 million euro, now has to get by on 188 euro a month the Irish High Court was told on Wednesday.

Details have emerged of the dramatic change in FitzPatrick's fortunes and the court was told that FitzPatrick was co-operating with disbursing his assets among creditors.

A statement of Fitzpatrick's affairs dated from July was handed over and it shows that the former multimillionaire had 500 euro in cash and two cars, a 2008 VolksWagen Passat worth 10,000 euro and a 1992 BMW of no value.

Fitzgearld has debts of an estimated and eye popping 145.8 million euro and assets of 49.2 million euro.

Although Fitzpatrick was in court for Wednesday's hearing he afterwards said he could not comment although he would like to.  “It’s very frustrating,” he said. His statement of affairs shows investments in Ireland, the UK, France, Hungary and the United States.

Fitzpatrick has an investment in an oil project in Nigeria that is given a value of 15 million euro. His wife owns half of his Anglo Irish Bank-approved retirement fund. The total value of the fund is 6,862,010 euro.

The family home and other property, including an apartment in Spain, are in joint ownership and only half their value is available. FitzPatrick gets 3,693 euro a month after tax from an annuity, but said he makes a loss of 3,505 per month from three rental properties.

The Irish State has pledged 22.9 billion euro to date towards Anglo Irish Bank and uncertainty over its final cost to the State is said to have damaged Ireland’s international creditworthiness.

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