FORMER Anglo Irish chief Sean FitzPatrick has told the bank he is effectively broke and cannot repay the €70m he owes in unpaid loans.
As a result, the bank is now entitled to pursue all assets owned by Mr FitzPatrick, including his family home in Greystones, Co Wicklow.
The bank yesterday began legal action against Mr FitzPatrick as it sought to recover €70m owed by its former chief executive and chairman.
Finance Minister Brian Lenihan last night welcomed the move and warned the money owed by Mr FitzPatrick must be recouped.
He said the bank’s management team would “pursue it to the ends of the earth”.
I understand it is quite common practice in US corporations for CEOs and directors to receive massive loans, which are then discreetly ‘forgiven’ years later. Which is to say, ‘loans’ are really a matter of making the salary cup runneth over.
I wonder if Seanie FitzPatrick had any intention of paying back his loans, or if he was just holding out for bountiful forgiveness.