CEO Sean FitzPatrick to go on trial over $38 billion collapse of Anglo-Irish Bank
Two other ex-Anglo executives also to stand trial over bank failure
Sean FitzPatrick, 64, the former chairman of the now-nationalized Anglo Irish Bank, is to stand trial on charges of providing unlawful financial information and assistance.
Two former Anglo Irish banking executives will also go on trial at the Circuit Criminal Court over charges that they provided unlawful financial assistance to 16 individuals in July 2008.
The state nationalized Anglo Irish Bank in 2009 and a year later sought a European bailout to meet the $38 billion cost of avoiding its collapse.
Fitzpatrick, as well as former finance director Willie McAteer and former managing director of the Irish branch Pat Whelan, were served with the book of evidence in court on Monday morning, reports the Irish Times.
Appearing before Judge Cormac Dunne at the Criminal Courts of Justice, the three men sat in silence beside each other during the ten-minute hearing.
During the brief hearing, Whelan’s attorney asked the court to change the terms of his client’s bail. He was previously advised to give 48 hours notice if he was travelling abroad. The court suspended his signing on limitations for travel purposes.
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The men were charged under company law offences for providing unlawful financial information to 16 individuals in July 2008, in the lead up to the Irish banking crisis. The former banking chiefs were charged, indicted and released on bail last July, making them the first to be charged for the downfall of the Irish banking system.
The three former Anglo Irish Bank employees provided loans to a group of ten investors, known as the ‘Maple Ten’ and to five children of bankrupt businessman Seán Quinnand his wife Patricia, to allow them to buy shares in the bank.
The 10 businessmen are Paddy McKillen, Séamus Ross, Brian O’Farrell, John McCabe, Gerard Maguire, Patrick Kearney, Gerard Conlon, Gerard Gannon, Seán Reilly and Joseph O’Reilly, according to filings to the court.
On Monday, the three men were remanded on continuing bail to appear again at the next sitting of the Circuit Criminal Court in the coming weeks.
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