Third Irish bank executive arrested

2012-07-24 10:47

Dublin - Irish police on Tuesday arrested the former chief executive of Anglo Irish Bank, Sean FitzPatrick, to face charges related to an investigation into the failed lender synonymous with Ireland's financial meltdown, a source close to the probe said.

Fitzpatrick, the face of Ireland's banking crisis after serving as chief executive of Anglo for almost two decades, has been arrested twice in connection with the long-running probe, but has yet to be charged.

He was arrested early on Tuesday at Dublin Airport and will appear in court today for the first time to face charges related to "financial irregularities," the source said.

Police said in a statement that a man in his 60s had been arrested in the Dublin area and was due to appear in court after two former top executives at Anglo Irish Bank were charged on Monday as part of the investigation.

Ireland's Office of the Director of Corporate Enforcement (ODCE) and the police have been investigating the actions of the bank for over three years, including loans given to a group of investors, referred to by local media as the "golden circle", as well as whether deposits were used to mask large withdrawals.

Anglo, recently renamed the Irish Banking Resolution Corporation (IBRC), is slowly being wound down after years of reckless lending left the state with a €30bn bill, almost half of the amount needed to bail out the entire sector.

Voters have been angered that nobody has been jailed for the mismanagement of banks that helped fuel the runaway "Celtic Tiger" economy.

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  • goodetech - 2012-07-26 22:49

    This is all starting to leak out to the main stream media... finally. We just need to KEEP THE HEAT on them. We will soon be posting new petition and email campaign info as well as protest ideas. We just need more people following this group and we can use resources from the Tea Party, Occupy and other groups. THEY win as long as they can keep us arguing with each other. WE need to come together with people we wouldn't normally work with to bring these criminals DOWN! Spread the word, others have carried the load of exposing this activity. Now we the people NEED to come out and make it a major issue in the news and in this political cycle.

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