News Column

Business Postscript: Luck of the Irish bank bosses who avoid jail

May 4, 2014

Nick Fletcher

You wouldn't have to go far to find people who believe the best place for top bankers is behind bars. Luckily for two former Anglo Irish Bank bosses, Justice Martin Nolan isn't one of them.

Patrick Whelan, the bank's former head of lending in Ireland, and William McAteer, its former chief risk and finance officer, were found guilty last month of handing out illegal loans to investors just before the bank collapsed in 2008. They faced up to seven years in prison, but in a Dublin court Justice Nolan said the then financial regulator had not warned the pair that their attempt to prop up the bank's shares with the loan scheme was illegal. Instead he gave them community service - not an area of expertise for many bankers, one would imagine.

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Source: Observer (UK)

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