SEÁN FITZPATRICK’s pension fund at Anglo Irish Bank took a substantial hit as a result of the financial crisis and the property crash.
Valued at €6.8 million in February 2010, it comprises share, property and bond investments as well as fixed-term cash deposits.
His share portfolios at Anglo, Bloxham and in UK stocks took a hammering, plummeting from €17.1 million to €3.8 million. The only equities on which he made gains were building materials group CRH and retail giant Tesco.
Some €670,000 was distributed from his share account at Bloxham Stockbrokers in December 2009. He was up about €180,000 on his investments in bonds issued by Anglo’s rivals, AIB and Irish Life Assurance, which helped the now State-owned bank window-dress its balance sheet over a key reporting date in September 2008.
Some €1.36 million of his Anglo retirement fund was invested in the AIB bond. He lost €1 million in a bond issued by Istc, the financier set up by his former Anglo colleague, Tiarnan O’Mahony.
Among the property investments in his pension fund were a €2 million share in the Atrium office building in Sandyford, south Dublin, which has since been valued at €1.2 million, and a €1.5 million share in Quinlan Private’s Marriott Fund, a hotel investment since valued at €1.15 million.
FitzPatrick’s approved retirement fund at Anglo contained cash of €266,000 in various accounts.
There were €2.66 million in cash movements from the pension over the past year. Some €910,153 was paid out in an annual distribution, while €1.75 million was invested in an Irish Life pension product last December, an annuity which pays Mr FitzPatrick and his wife, Triona, income of €55,245 a year – €44,000 after tax – for a guaranteed 15 years.
Following FitzPatrick’s bankruptcy declaration, the pension will fall to the control of the official assignee, the court officer who monitors the affairs of bankrupts.