Belfast Telegraph

Wednesday 22 October 2014

Ex-Anglo directors appear in court over €8m loan

Bailed: Pat Whelan

Two former bankers with the defunct Anglo Irish Bank are to stand trial in the Republic for alleged fraud over an €8m (£6.38m) loan arranged for one of them.

Pat Whelan (54) and Willie McAteer (63) appeared before Dublin District Court yesterday where they were released on bail after being charged under the Companies Act.

The former Anglo directors were bailed by Judge John O'Neill and are due to appear before the court again on November 3, the Republic's Courts Service said.

The ex-bankers are both charged with arranging a loan for McAteer worth €8,246,307 which was secured against shares McAteer held in the liquidised lender.

The charge states that the money was arranged to pay off a loan he owed to Bank of Ireland which he was personally liable for.

The money was allegedly arranged in a borrowing from Anglo on September 29, 2008.

It also states that the loan provided a gain to McAteer and a loss to Anglo contrary to section 297 of the Companies Act 1963 as substituted by section 137 of the Companies Act 1990.

Both men were directors of Anglo when it went bust.

McAteer, whose address was given as Greenrath, Tipperary Town, was a former head of finance and risk with Anglo.

Whelan, who lives on the Coast Road, Malahide, Dublin, was a former head of lending at the bank.

The Garda press office confirmed that officers from the fraud squad arrested the men in Dublin city yesterday morning as part of ongoing investigations into financial irregularities at the lender.

Anglo Irish Bank was nationalised and rebranded the Irish Bank Resolution Corporation (IBRC) following a crippling bailout which cost the Irish state €30bn (£24.6bn).

It was liquidised last year.

Latest News

Latest Sport

Latest Showbiz