Ex-Anglo Irish chief faces fraud charges

By Harry Wilson 630AM GMT nineteen Mar 2010

Sean FitzPatrick, 61, was arrested at his Dublin home yesterday morning, according to The Associated Press, as the Irish authorities step up their crackdown on the country"s monetary sector.

The detain of Mr FitzPatrick, who was arch comparison manager of Anglo Irish Bank from 1986 to 2005 and authority of the lender until Dec 2008, follows a supervision review that is reported to have found that he hid the life of multi-million loans from shareholders.

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Investigators are reported to have found justification that Mr FitzPatrick eliminated tens of millions of pounds of loans done to him by Anglo Irish Bank to an additional Irish bank, Irish Nationwide, in the days prior to AIB published the annual accounts.

It is purported that he afterwards eliminated the income behind in to the Anglo Irish Bank accounts after announcement of the bank"s monetary results.

Mr FitzPatrick is the initial comparison office worker to be arrested by the authorities in the arise of the crash, that led to the nationalisation of his bank.

Anglo Irish Bank shares were de-listed from the Irish Stock Exchange in Jan 2009 after the lender was nationalised.

Last May the Irish supervision injected �3.6bn of new collateral in to the bank a day after the lender reported a �3.7bn loss for the 6 months to Mar 31, 2009.

Irish monetary apportion Brian Lenihan welcomed Mr FitzPatrick"s detain and pronounced he was "eager to see probity take the course".

A orator for Anglo Irish Bank, that is still underneath review by the authorities for the control in the lead up to the monetary crisis, pronounced lender was stability to co-operate with the review and was "keen to see a rapid resolution".

He declined to criticism on Mr FitzPatrick"s arrest.