Saturday 29 April 2017

Greed, arrogance and hubris may yet be only charges bankers face

As Mr FitzPatrick awaits his fate, other bankers will be eagerly watching the every move of gardai, writes Alan Ruddock

Sean FitzPatrick, the former chairman of Anglo Irish Bank, exists for the moment in a legal limbo world; arrested, released and now waiting to see if charges are laid against him.

Simultaneously he faces a legal fight to keep his creditors -- primarily his former employers, who want to get back €70m -- at bay. While he waits, other former bankers watch nervously.

There will be more arrests, and not all of them will be of former Anglo employees. After almost a year of investigation, the garda net is beginning to close on all those who played a role in Anglo's dramatic collapse from European banking superstar to nationalised, bankrupt hulk. Presiding over the rise and fall was Mr FitzPatrick, an ebullient, supremely self-confident entrepreneur who had turned a tiny bank into Ireland's dominant property lender.

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