Former Anglo Irish Bank chairman Seán FitzPatrick was given tens of millions worth of sterling and dollar loans, it has emerged.
Irish Nationwide gave tens of millions worth of sterling and dollar loans to Mr FitzPatrick as part of his loan transfers between the two institutions to conceal up to €122 million in borrowings from Anglo Irish.
The Irish Times reports that Irish Nationwide provided Mr FitzPatrick with loans of $56 million and £14 million on 26 September, 2007.
The building society also reportedly loaned the then Anglo Irish chairman $26 million on 27 September, 2006 with an undertaking from Anglo Irish that it would repay the loan if Seán FitzPatrick could not.
The report says that these borrowings form only part of Mr FitzPatrick’s loans from Irish Nationwide in 2007, as Anglo Irish Bank said last month that he had repaid €122 million.
Seán FitzPatrick borrowed from Irish Nationwide over eight years, drawing loans before Anglo Irish’s accounting year-end on 30 September, and repaying them within days with fresh loans from Anglo.
By transferring the loans, the Irish Times says, Mr FitzPatrick hid them from the bank’s auditors and shareholders.
The Financial Regulator and the Office of the Director of Corporate Enforcement are investigating Mr FitzPatrick’s loans.
