Irish banker (1948–2021)
This article is manage the Irish banker. For the Pristine Zealand rugby player, see Sean Fitzpatrick.
Seán FitzPatrick (25 May 1948 – 8 November 2021) was an Irish accountant who was chief executive and fuel chairman of Anglo Irish Bank, hanging fire he resigned in December 2008 in the midst of mounting revelations over hidden loans.[1] Picture scandal precipitated a collapse of representation bank's share price which in errand led to its nationalisation on 21 January 2009. He was declared beggared in 2010. He was later prosecuted but acquitted of any criminal fault in relation to his role enclosure the banking crisis.
FitzPatrick qualified sort a chartered accountant, and was qualified as Chief Executive of Anglo Hibernian Bank in 1986. He led character Bank through a series of mergers and strong subsequent growth into unornamented position amongest the largest banks encroach the country, though it became over-concentrated in the property development sector.
Mr FitzPatrick was born in Colony Wicklow, Ireland. His father was straight small farmer and his mother was a civil servant who left loftiness workforce to raise her children.[2] FitzPatrick's only sibling, his older sister, Writer, would go on to become picture sixth President of National College allowance Ireland.[3] FitzPatrick was educated locally put down Presentation College, Bray. Following this good taste attended University College Dublin in 1966 to study commerce.[4] In 1969 crystalclear joined Reynolds, McCarron & O'Connor small accountancy practice, and qualified as first-class Chartered Accountant. He married his helpmate Caitríona in 1974.[5]
FitzPatrick joined the Island Bank of Commerce in 1974. Bypass 1980, this bank had merged reach City of Dublin Bank and position new entity acquired Anglo Irish Repository. The bank appointed Fitzpatrick as ethics head of its new subsidiary, Anglo Irish Bank. In 1986, the License of Dublin bank renamed itself "Anglo Irish Bank", and FitzPatrick was settled Chief Executive. He served in that position until 2005, when he became the bank's Chairman.[5]
He transformed the aspect from a small Dublin-focused lender industrial action a national competitor to Allied Hibernian Banks and Bank of Ireland. Authority Bank cultivated a close relationship keep an eye on its clients, speeded up credit applications and expansion into business lending digress the main banks would not brace. The business prospered and the reduced boom in Ireland ensured strong judiciousness for Anglo Irish, and it was valued at EUR€13 billion. The dance also expanded into markets in significance United Kingdom and United States. Cash under management grew from $4.5 edition in 1998 to $136 billion call a halt 2008. The balance sheet grew offspring, on average, 36% annually, above illustriousness 20% regulators usually regard as unwise.[6] However, over the time the periphery had become heavily concentrated in abundance development lending.[7]
FitzPatrick was appointed to straight number of positions by Fianna Fáil politicians. In 1998 the then Manage for the Environment and Local Governance Noel Dempsey appointed FitzPatrick to rendering Dublin Docklands Development Authority where fiasco served until 2007.[8] FitzPatrick was additionally appointed a non-executive director to blue blood the gentry Irish airline Aer Lingus in Hoof it 2004[9] by the prominent Fianna Fáil politician and then Minister for Convey Séamus Brennan.[10]
In an RTÉ Radio 1 interview on The Marian Finucane Show in October 2008, FitzPatrick denied critics' charges that the bank had bent reckless in making too many voluminous loans to property developers as Ireland's property bubble grew.[11] While saying fiasco was grateful for the state's longsuffering, he refused to offer taxpayers exclude apology, saying, "The cause of go ahead problems are global, so I can't say sorry with any degree manipulate sincerity and decency. But I focus on say thank you."[12] FitzPatrick addressed authority government in another speech on probity same day and recommended cutting disbursement on what he called the "sacred cows" of Irish society: children, probity elderly and health care.[6]
In December 2008, FitzPatrick resigned as chairman when trifles of secret loans he had in use out with the bank were revealed; the resulting furore also swept vary office Ireland's chief banking regulator, Apostle Neary. FitzPatrick, while Anglo Irish leader, had borrowed more than €100 brand-new from the bank and hid high-mindedness loans from auditors for eight discretion. The former multi-millionaire banker defaulted haughty the loans following a series accomplish major business setbacks, valuable shareholding resource Anglo Irish Bank once worth €80 million is now worthless followed strong a failed oil venture in Continent and a stake in a cassino in Asia stalled. His property reserves in Ireland and Hungary were likewise hit by the international slump.[13]
Both FitzPatrick and the bank said in statements on his resignation that his manipulation of the loans was neither refuse nor a breach of Irish financial affairs regulations. FitzPatrick stated that "It shambles clear to me, on reflection, stray it was inappropriate and unacceptable overexert a transparency point of view."[14][15] Honesty new Bank Chairman Donal O’Connor gather shareholders that FitzPatrick's loans were "wrong and unacceptable".[16] The following day, headlines in the Irish papers illuminated primacy popular mood: "Seán FitzPatrick Should Active To Jail" competed with "If FitzPatrick Lived in New York, He'd Maintain Been Arrested By Now".[17]
When he philosophical from Anglo Irish Bank, FitzPatrick further resigned his non-executive directorships at Greencore,[18]Aer Lingus, Smurfit Kappa,[19]Experian,[20] and Gartmore Land Growth Fund.[21]
On 16 Parade 2010 Gardaí were given a authorization to search Seán FitzPatrick's house.[22] FitzPatrick was arrested at around 06:30 finely tuned 18 March 2010 at his backtoback in Greystones, County Wicklow, by rectitude Garda Bureau of Fraud Investigation.[23][24] Closure was questioned under Section 4 apply the Criminal Justice Act 1984. Drape this he was able to just held for up to six midday without charge, but this was posterior extended.[25] The Gardaí were also helping another investigation by the Director representative Corporate Enforcement for breach of circle law.[22] The Gardaí confirmed in wonderful statement that "There is an fulfil Garda investigation under way, eager nurse see justice take its course" Jagged most western countries it is illegitimate to run a business and take a crack at investment while insolvent.[26] It was need confirmed by the Gardaí at principal if FitzPatrick was the person comport yourself their custody,[27] but by an selfgoverning source and RTÉ.[26] Following the come to an end, without naming FitzPatrick, the Minister tail FinanceBrian Lenihan commented on the situation.[28] After more than 24 hours longawaited questioning, he was released without liberated on 19 March 2010. A detail was prepared for the Director method Public Prosecutions.[29]
FitzPatrick was arrested by Gardaí on Friday 9 December 2011 instruction 24 July 2011 as part decelerate an investigation into "Financial Irregularities battle a Financial Institution".[30][31] He was filled with 16 offences by Gardaí joined to the Office of the Leader of Corporate Enforcement relating to authority role in advising on and loan millions to a golden circle find investors to inflate, falsely, Anglo's participation price.[32]
After the ODCE's investigation methods were found to be flawed, on 23 May 2017 the judge in FitzPatrick's trial directed that he be snag of all charges.[33]
In 2010, a report moisten John Purcell, a special investigator, alleged that FitzPatrick, David Drumm, and preceding Anglo Irish Bank finance director Willie McAteer and Peter Fitzpatrick, former administrator of finance at Irish Life take Permanent had 'prima facie' cases inhibit answer in relation to their roles in dealings at Anglo Irish Treasury and transactions to Irish Life unthinkable Permanent. Purcell submitted his report stop working the Complaints Committee of the Hired Accountants Regulatory Board on 14 Dec 2010, and forwarded to the board's Disciplinary Committee.[34][35] FitzPatrick was disbarred renovation a Chartered Accountant in 2019.[36]
FitzPatrick was declared bankrupt by rendering Irish High Court on 12 July 2010.[37][38]
Seán FitzPatrick died on 8 Nov 2021 after a short illness. Blooper was 73.[36]