Advertisement

Sean FitzPatrick trial hears of multi-million euro loans approved by Anglo

The jury in Sean FitzPatrick's trial has been hearing about multi-million euro loans approved to ...
Newstalk
Newstalk

16.57 13 Jan 2017


Share this article


Sean FitzPatrick trial hears o...

Sean FitzPatrick trial hears of multi-million euro loans approved by Anglo

Newstalk
Newstalk

16.57 13 Jan 2017


Share this article


The jury in Sean FitzPatrick's trial has been hearing about multi-million euro loans approved to him by Anglo Irish Bank in 2006 and 2007.

The 69-year-old is accused of making misleading, false or deceptive statements to auditors Ernst & Young in the five years leading up to 2007.

Aside from being accused of making misleading, false or deceptive statements to the bank's auditors, Mr FitzPatrick has also denied furnishing false information to Ernst & Young between 2002 and 2007.

Advertisement

Today, Joe McWilliams, a former director of lending at Anglo, gave evidence of various loan approvals to Mr FitzPatrick and other family members.

He said these applications were all dealt with by the bank's Credit Committee because they exceeded the €5m threshold.

The court heard the balance rose to €103m towards the end of November 2007 - and that the securities over those loans were valued €120m.

The payment history was described as 'excellent'.

Mr FitzPatrick is accused of artificially reducing his personal loans from Anglo by borrowing from Irish Nationwide in a move that is alleged to have resulted in Anglo failing to give a "full, true and honest picture" of the state of its affairs in their end of year statements.


Share this article


Read more about

News

Most Popular