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Sean Fitzpatrick Trial Hears his loans from Anglo rose to 103M by 2007

by Today FM  13th Jan 2017  16:37
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Former Anglo Irish Bank chief executive Sean FitzPatrick leaving the Central Criminal Courts of Justice in 2015 | Image:

The former CEO denies misleading auditors

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 these charges, Sean Fitzpatrick has also denied furnishing false information to Ernst & Young between 2002 and 2007.

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’s 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.

Mr. Fitzpatrick is facing 27 charges under the Companies Act. He denies them all.

Our Courts Correspondent Frank Greaney reports:

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