Money Talks

Sean Fitzpatrick today resigned his position as chairman of Anglo-Irish Bank.

‘My decision to tender my resignation has been prompted by the fact that at the 30th September, 2008, I had fully secured loans, on normal commercial terms, with the Bank totalling €87 million which will be included in the annual report for 2008 in the note relating to Directors’ Loans,’ Fitzpatrick explained in a statement.

‘This balance is substantially higher than in the 2007 report because in prior years I had temporarily transferred my loans to another bank before each year end. I had done this on my own initiative over an eight year period.’

He went on to say the transfer of loans between banks did not breach banking or legal regulations.

‘Anglo Irish Bank remains covered by the Irish Government Guarantee so its depositors and creditors are assured of the security of their funds,’ finance minister Brian Lenihan said.

He ‘restated that the Government will ensure financial stability within Ireland and will continue to take all necessary measures to ensure that systemically relevant institutions, such as Anglo Irish Bank, remain sound and viable.’

Talks over the bank’s involvement in the State’s recapitalisation programme are ongoing.

By Gerard Cunningham

Gerard Cunningham occupies his time working as a journalist, writer, sub-editor, blogger and podcaster, yet still finds himself underemployed.