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Chartered Accountants Ireland revokes membership of ex-Anglo Irish Bank chairman

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Chartered Accountants Ireland revokes membership of ex-Anglo Irish Bank chairman

The Disciplinary Tribunal of Chartered Accountants Ireland revoked the membership of Seán FitzPatrick and fined him €25,000 for concealing loans when he was chairman of Anglo Irish Bank.

FitzPatrick accepted an allegation brought forward by special investigator John Purcell that the concealment of loans over a period of time through temporary transfer and related actions represented a "misconduct of serious nature" that discredited the institute. The Chartered Accountants Ireland noted that FitzPatrick also agreed not to apply for reinstatement with the institute.

In 2015, FitzPatrick went on trial for allegedly failing to disclose the true value of loans worth at least €139 million given either to him or people connected to him by Irish Nationwide Building Society from 2002 to 2007, during his tenure as chairman of Anglo Irish Bank, which later became Irish Bank Resolution Corp. Ltd. In 2017, he was acquitted by a jury of the charges.

Anglo Irish Bank was nationalized in 2009 and folded into Irish Bank Resolution in 2011 along with Irish Nationwide Building Society. IBRC was then placed into liquidation in February 2013.