Anglo starts legal action over FitzPatrick loans of €70m

ANGLO Irish Bank has initiated legal action against controversial former chairman Sean FitzPatrick over unrecovered loans amounting to about €70 million.

The now nationalised bank was refusing to comment on the matter, but it has been confirmed that a summary summons has been entered to the High Court, meaning that there will be a hearing in due course in the Commercial Court.

The move, which has been welcomed by Finance Minister Brian Lenihan, follows up promises made by both the minister and Anglo’s new management team late last year, that any former director of the bank who was not repaying outstanding loans would be pursued through the courts.