Courts / Tipperary / Report
Former Anglo director fined for failing to maintain loan register
Summary
Pat Whelan, former director of lending at Anglo Irish Bank, was fined €3,000 for failing to keep a proper record of an €8 million loan he granted to colleague William McAteer on 29 September 2008. The loan was secured against McAteer's shares in the bank and was used to repay a personal loan from Bank of Ireland. Whelan pleaded guilty at the Dublin Circuit Criminal Court; the judge noted the offence was regulatory and imposed the fine, citing the importance of loan registers. McAteer, who is 66 and currently serving a three‑and‑a‑half‑year sentence for other offences, will be sentenced next week and faces up to seven years' imprisonment and a €63,486 fine. The court heard that the loan was part of a scheme to prevent a sudden sale of Anglo shares, which could have damaged confidence in the bank. The case highlights the regulatory breach by Whelan and the broader context of Anglo's collapse.
Who, what, where, when and why
What: Report matter: Former Anglo director fined for failing to maintain loan register. Charges or matters: obtaining a loan of €8million from Anglo on September 29, 2008 which he secured against his shares in the bank; an offence of failing to maintain a register in respect of the granting on September 29, 2008 by the bank of a loan to another director of the bank. Procedural stage: sentence
When:
- September 29, 2008 Incident
- September 2008 Other
- September 29th, 2008 Other
- January 2009 Other
- 2017-01-16 Publication
Why: He said he did this because the sale of the shares could have a catastrophic affect on the bank. CNI source report
Case subjects
Convicted Person
Charges: obtaining a loan of €8million from Anglo on September 29, 2008 which he secured against his shares in the bank; an offence of failing to maintain a register in respect of the granting on September 29, 2008 by the bank of a loan to another director of the bank (Admitted)
Plea: Guilty
Outcome: Credit: Collins) The former director of lending with Anglo Irish Bank Pat Whelan has been fined €3,000 for failing to keep a proper record of a fraudulent €8 million to his colleague William McAteer. In 2014 both he and Whelan were given 240 hours community service by Judge Nolan after engaging in an illegal share support scheme.
Convicted Person
Charges: obtaining a loan of €8million from Anglo on September 29, 2008 which he secured against his shares in the bank; an offence of failing to maintain a register in respect of the granting on September 29, 2008 by the bank of a loan to another director of the bank (Admitted)
Plea: Guilty
Outcome: McAteer, who was director of finance in the bank, will be sentenced next week for obtaining the loan from Anglo on September 29, 2008, as the bank was on the brink of collapse. McAteer, who is currently serving a three and a half year sentence for other offences he committed while with Anglo, will be sentenced next Monday.
Places mentioned
- Tipperary Town
- Tipperary
- Coast Road
- Malahide
- Dublin
- Dublin
- Dublin Circuit Criminal Court
Topics
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