Former Anglo Finance Director Arrested

The former finance director of the Anglo Irish Bank has been arrested by gardaí investigating financial irregularities.

Officers revealed today Willie McAteer was arrested at his home in Rathgar, south Dublin, at 6.30am this morning and taken for questioning to Irishtown Garda station in Dublin’s south inner city.

He is held under Section 4 of the Criminal Justice Act and can be questioned for up to 24 hours without charge.

Members of the Garda Bureau of Fraud Investigation, a specialist unit investigating irregularities at Anglo were involved in the operation.

A Gardaí spokesman said this morning: "As part of the ongoing investigation by Gardaí from the Garda Bureau of Fraud Investigation into alleged financial irregularities at a financial institution, a search was carried out this morning, 24th March 2010, and a male in his late 50's has been arrested."

The 59-year-old, was also the chief risk officer at Anglo during his tenure and is the second high profile Anglo figure to be arrested. Former chairman Sean FitzPatrick was arrested last week in connection with the same investigation.

Mr FitzPatrick was questioned about the transfer of €7.45 billion in deposits by Irish Life Permanent (ILP) over Anglo’s 2008 year-end period.

It is anticipated Mr McAteer will also be questioned about that issue during his period of detention.

Gardaí are also investigating directors’ loans at the bank. Mr McAteer was one of a number of directors to have been loaned substantial sums.

Current Chairman Designate of Anglo Irish Bank Alan Dukes said the sooner the investigations at the bank were brought to a conclusion the better.

(DW/BMcC)