Dukes calls for speedy inquiry into bank demise

THE new chairman of Anglo Irish Bank has called for the investigation into the potentially criminal behaviour of his predecessor, Sean FitzPatrick, to be completed as soon as possible.

Alan Dukes, who was appointed to Mr FitzPatrick’s old post earlier this month, said the extended shadow from the activities which caused the demise of the bank was not helpful for its recovery prospects.

He said Anglo was working with the European Commission to agree a recovery plan and the now-nationalised bank would like to put the problems of the past behind it.

However, he said parallel inquires launched by various agencies – including the Garda fraud squad and the Office of the Director of Corporate Enforcement – are a distraction.

“As far as we are concerned in the bank, we would like those investigations brought to a conclusion, whatever that conclusion is, as soon as possible.

“The investigations concern what we call legacy issues, which make it difficult for us today in the bank to put clear distance between us and the difficulties that were there in the past,” he said.

Previously, he criticised the length of time various investigations were taking into Anglo and the amount of resources this required.

Mr Dukes and his board are preparing to finalise the annual accounts of Anglo following the departure of Donal O’Connor as chairman.

Finance spokeswoman for the Labour Party, Joan Burton, agreed that the investigative process had taken too long.

And she said the public wanted those responsible to be held accountable.

“It is over a year since the high-profile Garda raid on the headquarters of Anglo Irish, but the investigation appears to have been proceeding at a snail’s pace since then.

“Comparisons have been drawn, in particular, between the speed with which Bernie Madoff was brought to justice in the United States and the slow progress of the investigation into banking irregularities in this country.

“I hope that developments [Mr FitzPatrick’s arrest] now indicate that the investigation is reaching a conclusion and that those with a case to answer will now be brought to justice,” she said.

However, she said there was still the issue of Anglo’s accounts which were liable to reveal “horrendous” losses, far in excess of the €4 billion previously predicted.

Finance Minister Brian Lenihan did not comment directly on Mr FitzPatrick but said it had always been anticipated the gardaí would follow through on their investigations.

And he said he was anxious for the investigation completed.

“I have always stated there is an extensive Garda investigation under way.

“I have been cautious not to prejudice that investigation and am eager to see justice take its course,” he said.