Irish police question former chairman of Anglo-Irish bank
Sean Fitzpatrick, the former head of Anglo-Irish bank, has today been released from police custody where he was being questioned regarding alleged financial irregularities at the banking institution. Mr Fitzpatrick left the company back in December 2009 amid allegations regarding the concealment of personal loans from the bank. The investigation into Anglo-Irish bank led directly to the economic crisis in Ireland and the nationalisation of the bank in 2009.
There are a number of other allegations aimed at the Anglo-Irish bank and its former management although the police investigation has been ongoing for some time and is unlikely to come to fruition in the short term. In many ways the Irish economy has yet to recover from the financial crisis which saw the government step in to offer guarantees to savers. Indeed Irish government coffers have yet to be replenished with many analysts believing that the economy is still literally on a knife edge.
Yet again we have another example of how powerful the financial sector is in all areas of the world and how a domino effect can to bring down economies and investment markets. It will be interesting to see whether any charges are brought against the old Anglo-Irish management and whether all of the information gleaned from the investigation will be made public.
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