THE FORMER chairman of Anglo Irish Bank, Seán FitzPatrick, whose debts exceed his assets by more than €95 million, has a monthly income of €188.
Details of Mr FitzPatrick’s affairs emerged yesterday as Ms Justice Elizabeth Dunne in the High Court confirmed official assignee Chris Lehane’s role in disbursing Mr FitzPatrick’s assets among creditors.
An earlier suggestion that Anglo Irish Bank would seek to have its trustee, insolvency practitioner Kieran Wallace of KPMG, appointed, was withdrawn after six new creditors, who are owed relatively small amounts, came forward, making it clear the Anglo proposal would not get the required support.
Mr FitzPatrick’s wife, Catriona, who is owed €53,569 by her husband, businessman Paul Connolly, who is owed €1,000 in rent, and Smith O’Brien Hegarty solicitors, which is owed €635 in professional fees, all appointed Mr FitzPatrick’s solicitor, William O’Grady, as their proxy on Monday.
Anglo Irish Bank decided it had no hope of getting its trustee appointed and withdrew its application. The appointment would have needed the support of three-fifths of all creditors in value and number.
Getting its trustee appointed would have given the bank greater control over the bankruptcy process.
The court was told that Mr FitzPatrick was co-operating with Mr Lehane. A statement of affairs dated from July has been handed over. It shows that the former multimillionaire had €500 in cash and two cars, a 2008 VW Passat worth €10,000 and a 1992 BMW of no value.
He has debts of €145.8 million and assets of €49.2 million.
He was in court for yesterday’s brief hearing and afterwards said he could not comment although he would like to. “It’s very frustrating,” he said. His statement of affairs shows investments in Ireland, the UK, France, Hungary and the United States.
He has an investment in an oil project in Nigeria that is given a value of €15 million.
His wife owns half of his Anglo Irish Bank-approved retirement fund. The total value of the fund is €6,862,010.
The list of assets used to secure his borrowings includes an Anglo Irish Bank investment portfolio he has with his wife, which is listed as having a value of €2,434,250, and an NCB portfolio listed as having a value of €407,000.
The family home and other property, including an apartment in Spain, are in joint ownership so only half their value is available.
Mr FitzPatrick gets €3,693 a month after tax from an annuity, but said he makes a loss of €3,505 per month from three rental properties.
The State has to date pledged €22.9 billion towards Anglo Irish Bank and uncertainty over its final cost to the State is said by some observers to have damaged Ireland’s international creditworthiness.