FitzPatrick intended to give profits to bank ‘kid’

Former Anglo Irish Bank chairman Seán FitzPatrick told the High Court he intended any profits from his £250,000 (€290,000) investment in a London property, funded via an Anglo loan, would give “a lift” and “a chance of money” to a “bright young kid” who joined the bank from school.

Mark Redmond could have made thousands “or nothing, which is what it turned out to be”, said Mr FitzPatrick.

He added he paid, from his own money as “gifts”, school and college fees for some children of Anglo officials. While not wishing to “sound arrogant”, he was “quite wealthy” in Nov 2006 when he decided to invest in the Woolgate Exchange property for the benefit of Mr Redmond. Then aged 23 and from Tallaght, Mr Redmond had joined Anglo in 2000 straight from school.