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Ex-Anglo Irish Bank finance director admits to fraudulently obtaining €8.4M loan

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Ex-Anglo Irish Bank finance director admits to fraudulently obtaining €8.4M loan

Willie McAteer, the former finance director of Anglo Irish Bank, pleaded guilty over a fraudulent transaction in which he obtained an €8.4 million loan from the bank, The Irish Times reported Dec. 19.

McAteer, who entered his plea at Dublin Circuit Criminal Court the same day, admitted to obtaining the loan in September 2008, secured against his shares in the bank. McAteer was then alleged to have used the money to "discharge a loan" to Bank of Ireland, which resulted in a personal gain for him and a loss for Anglo Irish Bank, according to the indictment.

Judge Melanie Greally allowed McAteer to remain on bail ahead of sentencing, scheduled for Jan. 12, 2017, according to the report.

McAteer was convicted in June along with two other former executives of the bank for conspiring to mislead investors through the setting up of a €7.2 billion circular transaction scheme in 2008. In July, he received a prison sentence of 3.5 years for his involvement in the transaction.

Anglo Irish Bank is now known as Irish Bank Resolution Corp. Ltd.