A second Anglo Irish bank official has been arrested for their involvement in the billion dollar banking scandal that has crippled Ireland.

Former finance director and chief risk officer William McAteer was arrested at his home in South Dublin this morning.

McAteer is the second former senior bank official at Anglo Irish Bank to be arrested. Former Anglo Irish Bank chief executive Sean Fitzpatrick, was arrested last week and questioned about his role in the corrupt bank.

McAteer will be questioned about the illegal transfer of $11billion in deposits between Irish Life and Permanent and Anglo Irish in 2008.

He will also be questioned about receiving loans from the bank. McAteer received $11million in loans in the form of Anglo Irish shares, which are now worthless.

It transpired that McAteer had more than 3.5million Anglo Irish shares,  with only director Fitzpatrick owning shares than him.

McAteer will also be questioned about the secret sale of 10 per cent of the bank to ten investors.

McAteer can be held for up to 24 hours for questioning. Further high profile arrests are expected in the coming weeks.

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