Former Anglo director arrested

 

The former finance director of Anglo Irish Bank, Willie McAteer, has been arrested in connection with alleged financial irregularities at the bank.

Gardaí arrested Mr McAteer this morning as part of an ongoing inquiry by the National Bureau of Fraud Investigation and the Office of the Director of Corporate Enforcement.

The 60-year-old was arrested at his home in Rathgar, south Dublin, at 8am.

He is currently being detained under the provisions of Section 4 of the Criminal Justice Act 1984 at Irishtown Garda station.

This is the second time Mr McAteer has been detained by gardaí in connection with activities at the rogue lender.

Gardaí are investigating the €7.2 billion transfer of loans between Anglo Irish and Irish Life and Permanent in 2008 which made Anglo’s end of year position look better than it actually was.

Gardaí are also investigating directors’ loans at the bank. Mr McAteer was one of a number of directors to have been loaned substantial sums.

In 2009, he had a loan of €8 million owing to Anglo. The loan was secured on Anglo shares, which are effectively worthless following the bank’s nationalisation.

Corporate watchdog Paul Appleby is heading the near three-year investigation into the bank’s dealings in the lead-up to its collapse.

He recently revealed a third file on suspected fraud at the rogue lender has been sent to the Director of Public Prosecutions (DPP).

Ex-Anglo Irish chief Sean FitzPatrick, from Greystones, Co Wicklow, was previously been detained by investigators.

Bailing out the lender, renamed Irish Bank Resolution Corporation Limited, is costing Irish citizens almost €30 billion.

Anglo dramatically reduced losses to just over €100 million in the first half of the year, down from the record-breaking  €8.2 billion it suffered in 2010 - the worst in Irish corporate history.

Meanwhile the Government has been urged not to allow the repayment of a €715 million Anglo Irish Bank bond - to unsecured, unguaranteed bondholders - which is due tomorrow.