Former Anglo chief 'cannot pay back €70m loans'

12/03/2010 - 09:39:02
The former chairman of Anglo Irish Bank has said that he cannot pay back the €70m he owes in unpaid loans.

This week, Anglo Irish Bank has begun legal action to recover the loans from Sean Fitzpatrick.

In the first step to initiate legal proceedings, this week the bank entered a summary summons in the High Court.

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Finance correspondent with the Irish Times, Simon Carswell, says the bank is now entitled to pursue all assets owned by Sean Fitzpatrick.

Former Anglo chief 'cannot pay back €70m loans'

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