Anglo director could face new charge over €8.2m loan
CONVICTED Anglo Irish Bank director Willie McAteer could face fresh criminal charges over a multi- million euro l oan he received from the bank while it was on the brink of collapse, according to a report in the Sunday Independent.
The €8.2million non-recourse loan was approved by then Anglo chief executive David Drumm on September 29 2008, hours before the Government’s infamous blanket bank guarantee.
McAteer, second in command to Mr Drumm at the time, was investigated for fraudulent trading in relation to the loan. Two files were sent to the DPP, one in December 2011 and the other a year later. The DPP will decide on whether charges will be filed.
McAteer was found guilty three weeks ago, along with Pat Whelan, of allowing Anglo to make illegal loans to ten wealthy inves- tors in order for them to buy shares in the bank. Both will be spared custodial sentences but may face community service.
Separately McAteer had borrowed €8.2million from Bank of Ireland to buy Anglo shares but as Anglo’s share price plummeted in late September 2008, Bank of Ireland threatened to seize his shares and dump them on the market if their loan wasn’t repaid. Had Bank of Ireland dumped McAteer’s shares it would have accelerated the collapse of Anglo’s share price. On September 29, Drumm approved the loan to Anglo’s own director to stop the share price falling further, while the CEO was also courting other banks for a bailout.