Former Anglo directors charged in connection with €8m fraud

Two former directors of Anglo Irish Bank have been charged in relation to an alleged €8m fraud at the former lender.

Pat Whelan of Coast Road, Malahide and Willie McAteer with an address at Greenrath, Tipperary Town were arrested in Dublin city centre this morning.

Mr McAteer is accused of fraudently obtaining a loan for more than €8.2m from Anglo to pay off a personal loan with Bank of Ireland in September 2008.

In doing so, he caused a gain to himself and a loss to the bank, the charge reads.

Both men were directors of Anglo when it failed. McAteer was a former head of finance and risk with Anglo, while Whelan was a former head of lending.

Both men were arrested after they were asked to meet with gardaí at the Bridewell Garda Station in Dublin this morning.

The court heard they are each facing one charge of fraud under the Companies Act.

Both were granted bail today after the court approved two independent sureties for €10,000 each.

They are due back in court on November 3.

Anglo Irish Bank was nationalised and rebranded the Irish Bank Resolution Corporation (IBRC) following a crippling bailout which cost the State €30bn. It was liquidised last year.

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