McAteer admits to fraud in getting €8m Anglo loan

Former finance director of Anglo Irish Bank, Willie McAteer, has pleaded guilty to fraudulently obtaining an €8mn loan from the bank.
McAteer admits to fraud in getting €8m Anglo loan

McAteer, aged 66, of Co Greenrath, Tipperary Town, Tipperary, entered the plea yesterday morning at Dublin Circuit Criminal Court ahead of his trial, which had been due to start in January 2017 and last for about one month.

McAteer admitted obtaining a loan of €8,426,307 from Anglo on September 29, 2008 which he secured against his shares in the bank. According to the indictment, he then used the money to pay off a personal loan he obtained from Bank of Ireland.

Judge Melanie Greally allowed McAteer to remain on bail with the consent of the prosecution and set a sentence date for January 12, 2017. She also urged caution in the reporting of the matter in the media.

The charge directed against McAteer states that, “in breach of section 297 of the Companies Act, 1963, that you, on September 29, 2008, were knowingly a party to the carrying on of the business of a company, for a fraudulent purpose, the granting of Anglo Irish Bank Corp PLC of a loan to yourself in the amount of €8,426,307 secured only upon your shares in Anglo Irish Bank Corp PLC so that you could discharge a loan to Bank Of Ireland in that amount you were personally liable”.

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