Anglo trial at a glance
Seán FitzPatrick’s interview with gardaí was read in court
Former Anglo Chairman Seán Fitzpatrick at Dublin Circuit Criminal Court on Thursday March 27th. Photograph: Collins Courts
Sergeant Catharina Gunne, Garda Bureau of Fraud Investigations
Sergeant Patrick Gillick, Garda Bureau of Fraud Investigations
Garda Roisin Reynolds, Garda Bureau of fraud Investigations
Gardaí from the Garda Bureau of Fraud Investigations questioned Sean FitzPatrick over two days in March 2010. His interviews were read into the record by Úna Ní Raifeartaigh, for the prosecution and confirmed by gardaí.
Mr FitzPatrick told gardaí he stepped down as chief executive of Anglo Irish Bank in 2005 and became its chairman. After that, he never had a role in the “executive” of the bank.
He said he met business Sean Quinn for the first time face to face in late 2007 when he was asked to a meeting with him in the Ardboyne Hotel Navan. Then chief executive of the bank David Drumm thought they might be able to persuade Mr Quinn to dispose of his holdings in the bank. Though Mr Quinn understood their position, he would not sell because he did not want to crystallise his losses.
Mr FitzPatrick told gardaí the board of the bank was shocked when they learned of Mr Quinn’s holdings in the bank at a meeting in late 2007 and they asked that the financial regulator be informed. Mr FitzPatrick understood Mr Drumm informed the regulator.
Mr FitzPatrick said he had a meeting with the financial regulator’s office on Good Friday, March 21st, and they were told the Quinn holding in the bank was now valued at more than 28 per cent of shares.
Mr FitzPatrick told gardaí he was in the South of France on July 9th when he got a call from Mr Drumm to tell him a deal had been worked out. Mr Drumm said 10 customers of the bank would buy 10 per cent of the shares underlying Mr Quinn’s holding. Mr FitzPatrick said he asked Mr Drumm the names of the customers and was told he did not need to know. He did not find out their identity until approximately six months after the deal.
Mr FitzPatrick said he believed Mr Drumm had kept the financial regulator informed about the deal and it was “kosher” and “above board”.
Asked by gardaí about his relationship with Mr Drumm, Mr FitzPatrick said it was “professional”. Asked if Mr Drumm was arrogant, he said he wouldn’t have thought so. He was a “very, very bright guy, very articulate” he also had “a clear view of things” and he was “a good communicator”, but they didn’t have “a warm relationship”.
“It was like a tsunami; events happened that happened once every 100 years”
Sean FitzPatrick on events in 2008
“If I tried to run the show ... there would have been murder because there would be divided loyalties. ”
Sean FitzPatrick on how he did not involve himself in the day to day running of the bank
“I had just turned 56, I had worked hard. I just felt I wanted to pass the baton to someone else. I’d done my time.” Sean FitzPatrick on stepping down as chief executive of Anglo
“We told him it was a very bad and difficult situation and we’d like him to reduce his holding”
Sean FitzPatrick on explaining to businessman Sean Quinn the bank’s reaction to his holdings in Anglo