FitzPatrick loans reached as high as €129 million

ANGLO Irish Bank informed shareholders yesterday that the value of loans to former chairman Sean FitzPatrick reached as high as €129 million in the last couple of years.

Mr FitzPatrick currently owes the bank €84m. His loans will be detailed in full, for the first time in eight years, in the bank’s upcoming annual report — for the year to the end of September, 2008 — which is provisionally due before the end of this month, but which may be delayed until next month.

As the loans were “hidden” from Anglo’s shareholders — by being moved to the Irish Nationwide Building Society — the stated amounts in the last few annual reports were significantly lower than the full loan amounts.