News Column

Anglo Irish Bank 240 hours' community service for ex-bosses

August 1, 2014

Henry McDonald in Dublin

Two bosses from the bank that almost bankrupted Ireland have been given 240 hours of community service for an illegal multimillion-euro loan scheme.

Former Anglo Irish Bank chiefs Pat Whelan and William McAteer were told in Dublin's circuit criminal court yesterday that they had one year to complete the sentence. The orders imposed by Judge Martin Nolan were in lieu of a two-year prison sentence.

The pair were found guilty this year in the same court of illegally lending to the so-called Maple 10 - a group of investors Anglo Irish Bank sought out as alternative investors to Sean Quinn, Ireland's one-time richest man who

had bought millions of shares in the bank.

There was widespread outrage in the Irish Republic after Whelan and McAteer escaped a custodial sentence following a 47-day criminal trial. While they were found guilty of the Maple 10 illegal loan scheme, their co-accused and ex-Anglo Irish Bank chairman Sean FitzPatrick was found not guilty of all charges against him. Whelan and McAteer were also found not guilty of making unlawful loans to six members of Quinn's family.

Quinn's dealings with the Anglo Irish Bank and his use of loans to speculate on the international property market resulted in the former billionaire being declared bankrupt after the financial and property crash of 2008-2009.

FitzPatrick launched a legal challenge this week to overturn a ruling that he is not entitled to legal costs relating to the trial. Henry McDonald

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Source: Guardian (UK)

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