Recovery of FitzPatrick loans may be lengthy process

ATTEMPTS by Anglo Irish Bank to recover over €70m in unpaid loans from its former chief executive and chairman Seán FitzPatrick could prove a complex and lengthy process, according to legal and financial experts.

It is understood the state-owned bank initiated High Court legal proceedings against the former banker earlier this week after Mr FitzPatrick indicated that he is not in a position to repay the loans.

Anglo is seeking summary judgment for €70.4m. The figure outlined in court documents suggests thatAnglo had already reached agreement with Mr FitzPatrick on the remainder of the €106.5m which he owed the bank in March 2009.