Former Chairman regrets collapse of Anglo Irish Bank



Sean FitzPatrick – the former Chairman apologised for his role in the collapse of The Anglo Irish Bank – the third largest bank in Ireland. The Irish government was forced to nationalize the bank following the incident two years ago.

Mr. FitzPatrick had admitted in December 2008, of keeping shareholders in the dark about taking loans worth 80 million Euros from the bank. Last year the police had arrested him as part of a fraud investigation, but set him free in 24 hours without charging.

The Irish Sunday Times quoted him saying “I am very happy to put my hands up. I am very happy to apologise to all my creditors. I don’t feel ashamed, but I do feel regret, very serious regret, and I am sorry that it is going to cause people losses”.

Four suspects have been identified leading to the collapse of the bank, said the Irish Justice Minister last month. The government is investigating a conspiracy theory where in large deposits were made with the bank to mask huge withdrawals.

In a gesture of ‘exceptional support’, Bancassurer Irish Life & Permanent said it had deposited between €7 and €8 billion in September 2008 with Anglos Irish during the financial crisis after the collapse of Lehman Brothers.

Both Sean FitzPatrick and David Drumm – the former CEO of Anglo Irish are being pursued by the bank for loan recovery, but both have declared themselves as bankrupt.

“What I did was wrong and it was a mistake. But it does not deserve … the punishment that has been inflicted on me over the past two years. I can’t repay all of the liabilities that I owe but I didn’t run and steal the money”, said FitzPatrick in self defence.

Ireland has nationalized four of its six largest banks and had to seek a €85 billion bailout package last year from IMF-EU after the collapse.

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