Anglo chiefs face prosecution

Two former senior executives of Anglo Irish Bank are to face criminal prosecution later this year after becoming the first individuals to be charged in the long-running investigation into financial irregularities at the zombie bank.

Willie McAteer and Pat Whelan face up to five years in jail for each of the 16 charges of advising and lending millions to a golden circle of investors to falsely inflate Anglo’s share price.

The wife and children of billionaire turned bankrupt Séan Quinn invested, along with a who’s who of Ireland’s property bubble, in an ill-fated bid to save the toxic bank.