Former Anglo boss FitzPatrick arrested

Former Anglo Irish Bank chairman Seán FitzPatrick has been arrested this morning.

Bankrupt Sean FitzPatrick (aged 63) was detained at his home in Greystones, Co Wicklow, just after 8am.

It is the second time the ex-banker, who was also Anglo's chief executive, has been taken in for questioning by the fraud squad.

FitzPatrick is being held under section four of the Criminal Justice Act at Bray Garda station.

Officers from the Garda Bureau of Fraud Investigation and company law experts from the Office of the Director of Corporate Enforcement are investigating financial irregularities at Anglo in the 18 months before its collapse.

Inquiries focus on directors' loans at a time when FitzPatrick was in charge at the bank and a €7bn deposit transfer between Anglo and Irish Life & Permanent which helped disguise the state of the bank’s books.

Anglo was rebranded the Irish Bank Resolution Corporation this year. Its collapse could cost Irish taxpayers €34bn.

Last month, former financial director of Anglo, Willie McAteer, was arrested for a second time in connection with the same investigation. He was later released without charge.