Menu
22/09/2010
Bankruptcy Proceedings Resume For Ex-Anglo Chief
Proceedings over the Bankruptcy of former Anglo Irish Bank chairman Sean FitzPatrick are to resume at the High Court today.
According to reports this morning, Mr FitzPatrick's entire assets will be sold before the proceeds are given to debtors, banks and the Revenue Commissioners.
Mr FitzPatrick was declared bankrupt in July and owes the state-owned Anglo Irish Bank €110m. He also owes significant sums to companies such as AIB, Bank of Scotland (Ireland) and Friend's First.
The Irish Independent has also reported that a High Court bankruptcy official will list the former Anglo Chief's wife, Catriona FitzPatrick, among his creditors. She is believed to be owed €53,568.
Meanwhile today, a vote on a EU Financial Supervision package could lead to better regulation by the EU of financial markets and banking institutions, according to a Labour MEP.
Speaking this morning, European Minister Alan Kelly said he believed that if the new arrangements were implemented properly it would reduce risk, maintain stability and prevent future financial nightmares like Anglo.
"Ultimately this amounts to a complete re-building of the European financial System - a move badly needed, especially following on from changes recently made in the US. It will also enhance the single market and protect the euro," he said.
The package will lead to the creation of a European System Risk Board to provide an early warning signal if future governments are being financially reckless.
Mr Kelly said: "I would hope that this vote will equip Europe to spot when banks are getting into trouble and save taxpayers from the reckless greed shown by financial speculators.
"Ireland has suffered more than most because of a failure to do this earlier."
Mr Kelly added that by the new year Europe will have three new authorities - an EU Banking Authority, an EU Insurance and Occupational Pensions Authority and a European Securities and Markets Authority. Each institution is designed to work with the national regulatory bodies.
"In a globalised world, I hope that this macro-micro style of supervision will ensure these agencies are equipped to prevent the kinds of financial disasters that have destroyed the Irish economy," he said.
(DW/GK)
According to reports this morning, Mr FitzPatrick's entire assets will be sold before the proceeds are given to debtors, banks and the Revenue Commissioners.
Mr FitzPatrick was declared bankrupt in July and owes the state-owned Anglo Irish Bank €110m. He also owes significant sums to companies such as AIB, Bank of Scotland (Ireland) and Friend's First.
The Irish Independent has also reported that a High Court bankruptcy official will list the former Anglo Chief's wife, Catriona FitzPatrick, among his creditors. She is believed to be owed €53,568.
Meanwhile today, a vote on a EU Financial Supervision package could lead to better regulation by the EU of financial markets and banking institutions, according to a Labour MEP.
Speaking this morning, European Minister Alan Kelly said he believed that if the new arrangements were implemented properly it would reduce risk, maintain stability and prevent future financial nightmares like Anglo.
"Ultimately this amounts to a complete re-building of the European financial System - a move badly needed, especially following on from changes recently made in the US. It will also enhance the single market and protect the euro," he said.
The package will lead to the creation of a European System Risk Board to provide an early warning signal if future governments are being financially reckless.
Mr Kelly said: "I would hope that this vote will equip Europe to spot when banks are getting into trouble and save taxpayers from the reckless greed shown by financial speculators.
"Ireland has suffered more than most because of a failure to do this earlier."
Mr Kelly added that by the new year Europe will have three new authorities - an EU Banking Authority, an EU Insurance and Occupational Pensions Authority and a European Securities and Markets Authority. Each institution is designed to work with the national regulatory bodies.
"In a globalised world, I hope that this macro-micro style of supervision will ensure these agencies are equipped to prevent the kinds of financial disasters that have destroyed the Irish economy," he said.
(DW/GK)
Related Irish News Stories
Click here for the latest headlines.
19 November 2024
How Ireland Became the European Hub for US Tech Firms
Over the last thirty years, Ireland has slowly and steadily become a global centre for business. In the modern era, it is a technology hub where the biggest companies in the world have chosen to make a home. Dublin is the centre of this, but other major cities like Cork are also alive with innovation.
How Ireland Became the European Hub for US Tech Firms
Over the last thirty years, Ireland has slowly and steadily become a global centre for business. In the modern era, it is a technology hub where the biggest companies in the world have chosen to make a home. Dublin is the centre of this, but other major cities like Cork are also alive with innovation.
01 October 2009
Former Anglo Boss Will 'Not Be Spared'
The former Anglo Irish Bank (AIB) boss "will not be spared", according to the Green Party leader John Gormley.
Former Anglo Boss Will 'Not Be Spared'
The former Anglo Irish Bank (AIB) boss "will not be spared", according to the Green Party leader John Gormley.
13 February 2009
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
11 February 2009
Govt Knew Of 'Startling' Anglo Deposit
Following revelations of a huge deposit made to the Anglo Irish Bank last year, the Taoiseach has shocked much of the Dáil by admitting the Government was aware of the payment. It emerged last night that Irish Life & Permanent in Anglo Irish Bank made the controversial deposit before the Government decided to nationalise the institution in January.
Govt Knew Of 'Startling' Anglo Deposit
Following revelations of a huge deposit made to the Anglo Irish Bank last year, the Taoiseach has shocked much of the Dáil by admitting the Government was aware of the payment. It emerged last night that Irish Life & Permanent in Anglo Irish Bank made the controversial deposit before the Government decided to nationalise the institution in January.
10 May 2012
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
-
Ireland WeatherToday:Scattered showers of rain, sleet and, over hills, snow in the morning with sunny spells, the best of these in the south. The showers dying out this afternoon with increasing amounts of sunshine. Occasionally fresh westerly or northwesterly winds easing. Maximum temperature 6 °C.Tonight:Clear start with a fairly widespread frost developing. Increasing cloud brings occasionally heavy rain overnight, preceded, especially over western hills, briefly by snow. Occasional southeasterly gales, severe near coasts, developing. Minimum temperature -2 °C.
