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Sean Fitzpatrick was able to clear his family's loans


Old Irish

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On six one it was reported that Sean Fitzpatrick was able to use 15million that he had on deposit for his original mass of loans even though he was declared bankrupt! This all happened after Anglo was nationalised :mad:
I am truly truly shocked and appalled by this!

This might be old news to some people but I was taken aback by it. A living national disgrace :-x
 

Nipper

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On six one it was reported that Sean Fitzpatrick was able to use 15million that he had on deposit for his original mass of loans even though he was declared bankrupt! This all happened after Anglo was nationalised :mad:
I am truly truly shocked and appalled by this!

This might be old news to some people but I was taken aback by it. A living national disgrace :-x


Did they say Anglo transferred Loan to Bradshaw and he got the loan written off?
 

DCon

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Did they say Anglo transferred Loan to Bradshaw and he got the loan written off?
I think they said that Anglo/the State wrote down the loan by 21 Million.

Seanie, meanwhile, paid off all his family's loans..
 

Nipper

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RT News: FitzPatrick family loans probe 'necessary'

link to rte.ie

"He said the transaction was on 'very beneficial terms' to Mr FitzPatrick's wife and three children.

The effect of the transaction was to make Mr Bradshaw liable for the entire €27m loan.

In its annual report, Anglo wrote off €21m, which it said it was owned by Mr Bradshaw."
 

eoghanacht

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Atleast he didn't squander it all on coke and hookers!
 

fungus

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That's just plain depressing. You think things can't get any worse here but they always do.
 

eoghanacht

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RT News: FitzPatrick family loans probe 'necessary'

link to rte.ie

"He said the transaction was on 'very beneficial terms' to Mr FitzPatrick's wife and three children.

The effect of the transaction was to make Mr Bradshaw liable for the entire €27m loan.

In its annual report, Anglo wrote off €21m, which it said it was owned by Mr Bradshaw."
So basically Anglo was a private bank to fund the lifestyles of Irelands elite.
 

F.U.B.A.R

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On six one it was reported that Sean Fitzpatrick was able to use 15million that he had on deposit for his original mass of loans even though he was declared bankrupt! This all happened after Anglo was nationalised :mad:
I am truly truly shocked and appalled by this!

This might be old news to some people but I was taken aback by it. A living national disgrace :-x
What are you going to do about it? The same as the rest of us.. nothing. We ARE the laughing stock of the world.
 

anfieldabff

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This stinks to high heaven

How was Sean Fitzpatrick able to influence anything that went on in Anglo after it was Nationalised?. Well for the same reason a bank that was not of systemic importance to the economy in Ireland had all its loans gauranteed. FF are up to their necks in this and as another contibuter is always commenting.
"Fingers knows where the bodies are burriend and Seanie knows who put them there"
When are the investigations going to finish and the trials started?
 

FakeViking

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Where was Alan Dukes (the "Public Interest Director") when this was being done?
 
Last edited:

Luigi Vampa

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On six one it was reported that Sean Fitzpatrick was able to use 15million that he had on deposit for his original mass of loans even though he was declared bankrupt! This all happened after Anglo was nationalised :mad:
I am truly truly shocked and appalled by this!

This might be old news to some people but I was taken aback by it. A living national disgrace :-x
Shocked ? Are you for real ? This is Ireland. Suck it up.

 

bokonon

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This pretty much fits a pattern...from an article on July 10:
[Anglo] has given assurances that it will not pursue members of his family, even though some of the loans were taken out by Mr FitzPatrick's children. In fact, the bank refers to the €110m loans as "FitzPatrick family facilities''.

Anglo to tell creditors of FitzPatrick's financial ruin - National News, Frontpage - Independent.ie
From an article on July 09
FitzPatrick's wife and children borrowed money from Anglo for a series of property investments.

Fearing that the bank would pursue them for the millions they borrowed as the financial crisis deepened last year, FitzPatrick sought to protect them by offering to swap a greater share in the Nigerian field in return for a promise that his children and wife would not be pursued.

He also offered greater security over other assets, sources strongly emphasised.

In February 2009, the bank agreed to do this. Effectively, this meant that FitzPatrick's wife and children would only be liable for the worth of the properties -- not for the total amount borrowed on them.

Legal papers filed by Anglo state that on February 4, 2009 the bank "did limit its recourse as against the family" and in return Anglo's security over the Nigerian field was "enhanced".
Don't forget that Anglo continued funding the Fitzpatricks after Sean ignominiously resigned (from April 11):
Sean FitzPatrick's son received a $50,000 (€37,048) loan from Anglo Irish Bank seven months after the struggling institution was bailed out by the State, the Sunday Independent has learned.

Anglo lent Seanie son $50k after the bailout - National News, Frontpage - Independent.ie
And bear in mind that Anglo recently admitted to some existentially threatening skeletons in its closet, some of which Sean Fitzpatrick must have knowledge:

The bank’s chief executive Mike Aynsley specifically raised the prospect of the regulator withdrawing Anglo’s banking licence.

As a result we now have a situation in which a taxpayer-owned bank believes it is acting in the taxpayer’s best interest by not co-operating with the taxpayer’s watchdogs who are charged with finding out – on the taxpayer’s behalf – what happened at the said taxpayer-owned bank. It would be comical if the stakes were not so high.

Cantillon - The Irish Times - Tue, Jul 06, 2010
Fraud squad? Some hope.
 

stonethrower

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It's important to say that this is small beer, chicken feed as Noel Dempsey once referred to the €52m on voting machines. This loss can be made up by slashing the Carers allowance payments to those greedy selfish people who provide care 24/7 to ill/disabled families members and expect the state to fund their luxurious lifestyle. Indeed didn't Seanie in autumn 2008 recommend cuts as they were required to maintain competiveness and the incentivise risk takers and wealth creators like himself!
 

Old Irish

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Shocked ? Are you for real ? This is Ireland. Suck it up.

I know I know, I can't help it though it is truly breathtaking the level of corruptness, greed, selfishness and lack of morality that went on with this gang including Bertie and Co. As has been said before you'd think we would have learned our lesson after Charlie Haughey but we learned nothing then. I would hope that what we have learned now is 'Never vote for Fianna Fail EVER', Thats probably all I can hope for :lol:
 

SideysGhost

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RTÉ said:
Their €27m loan was backed with cash of €21m which was held on deposit by Anglo. In February of last year, after the bank was nationalised, Mr FitzPatrick's €15m deposit was moved within the bank. At the same time, loans taken by Mr FitzPatrick's wife and three children with Anglo were re-paid.
Hmmmm, now where have I seen some discussion recently about Anglo, the loans, the deposits and the relationship between them. Nope, can't recall...

If we'd gone in 2 years ago and netted off the deposits against the loans that were their source, how much of a gap would have been left over for the taxpayer to make up?
 

stanley

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I think they said that Anglo/the State wrote down the loan by 21 Million.

Seanie, meanwhile, paid off all his family's loans..

It sure does sound like the old back to back loan trick and somewhere down the line someone in the bank "forgets" to ask the boss to sign the required security or the paperwork gets lost or maybe a big flood like Fingers had.

It would appear though he acted very sharpish in clearing his family's loans with funds he offered for security elsewhere, whoever was minding the shop will have a bit of explaining to do and doubt very much if Dukes knew a dicky.
 

Raketemensch

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This will happen every few years in Ireland unless real examples are made of certain individuals, it is as simple as that. Examples can be made of individuals by different means, both through the offices of the State and otherwise.
 

owedtojoy

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On six one it was reported that Sean Fitzpatrick was able to use 15million that he had on deposit for his original mass of loans even though he was declared bankrupt! This all happened after Anglo was nationalised :mad:
I am truly truly shocked and appalled by this!

This might be old news to some people but I was taken aback by it. A living national disgrace :-x
I am not surprised, really.

Seanie's punishment was an overnight stay in a garda station, so that people would feel "something is being done".

He ain't worried. He knows where the bodies are buried, and his ass is covered.
 
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