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)