Seán FitzPatrick's Rise and Fall in Banking

Seán FitzPatrick's journey in banking began at the age of 22 when he joined Anglo Irish Bank's parent company, Irish International Bank, in 1970.

FitzPatrick quickly rose through the ranks, becoming the bank's deputy managing director in 1977. He played a key role in the bank's expansion and was a driving force behind its growth.

FitzPatrick's leadership and vision helped Anglo Irish Bank become one of Ireland's most successful banks, with a market capitalization of over €30 billion at its peak.

For another approach, see: Post-2008 Irish Banking Crisis

Seán FitzPatrick was at the center of a major banking scandal in Ireland. He was the CEO of Anglo Irish Bank, which was involved in a massive property bubble that eventually burst, causing widespread financial devastation.

In 2002, FitzPatrick was accused of hiding a large loan from the bank's auditors, which led to a series of investigations and lawsuits. The loan was worth €87.7 million and was used to purchase shares in the bank's parent company.

Suggestion: Anglo Irish Bank Hidden Loans Controversy

FitzPatrick's tenure as Chief Executive of Anglo Irish Bank was marked by aggressive expansion, with the bank's assets under management growing from $4.5 billion in 1998 to $136 billion in 2008.

The bank's balance sheet grew by an average of 36% annually, significantly higher than the 20% regulators usually consider unwise. This rapid growth was fueled by the bank's focus on property development lending, which became a dominant portion of its business.

FitzPatrick denied critics' charges that the bank was reckless in making too many big loans to property developers, attributing the bank's problems to global issues.

Seán FitzPatrick was arrested by Gardaí on Friday 9 December 2011 and 24 July 2011 as part of an investigation into "Financial Irregularities at a Financial Institution".

He was charged with 16 offences by Gardaí attached to the Office of the Director of Corporate Enforcement relating to his role in advising on and lending millions to a golden circle of investors to inflate, falsely, Anglo's share price.

A file was prepared for the Director of Public Prosecutions after he was released without charge on 19 March 2010, following more than 24 hours of questioning.

FitzPatrick was questioned under Section 4 of the Criminal Justice Act 1984, which allowed him to be held for up to six hours without charge, but this was later extended.

He was arrested at his house in Greystones, County Wicklow, by the Garda Bureau of Fraud Investigation on 18 March 2010.

The Gardaí confirmed in a statement that there was an extensive investigation under way, eager to see justice take its course.

FitzPatrick was later acquitted of all charges on 23 May 2017, after the judge directed that he be acquitted due to flawed investigation methods.

He was also disbarred as a Chartered Accountant in 2019.

Seán FitzPatrick passed away on 8 November 2021 after a short illness. He was 73 years old at the time of his death.

Seán FitzPatrick's professional life was marked by both significant highs and lows. He had a lot of professional highs and lows in his life, according to his daughter Sara, who described him as a "giant of a man" with enormous mental strength.

He was a successful banker who transformed Anglo Irish Bank from a small Dublin-focused lender into a national competitor. FitzPatrick served as the bank's Chairman and Chief Executive, leading it to strong profitability and a valuation of €13 billion.

FitzPatrick's tenure at Anglo Irish Bank was not without controversy, however. The bank's collapse in 2009 cost the Irish state approximately €29 billion, and FitzPatrick was subsequently declared bankrupt in 2010.

Here's a brief timeline of his professional milestones:

Resignation can be a difficult and humbling experience, especially for high-profile figures like Seán FitzPatrick. In December 2008, FitzPatrick resigned as chairman of Anglo Irish Bank.

FitzPatrick's resignation was a result of a scandal surrounding secret loans he had taken out with the bank. He had borrowed more than €100 million and hid the loans from auditors for eight years.

The fallout from the scandal was severe, with FitzPatrick's property investments in Ireland and Hungary hit hard by the international slump. His valuable shareholding in Anglo Irish Bank once worth €80 million was now worthless.

FitzPatrick's resignation was met with widespread criticism, with many calling for him to face legal consequences. The new Bank Chairman Donal O’Connor told shareholders that FitzPatrick's loans were "wrong and unacceptable".

FitzPatrick's resignation also led to the end of his non-executive directorships at several other companies, including Greencore, Aer Lingus, and Smurfit Kappa.

Sean FitzPatrick's life is a great example of professional ups and downs. He had a lot of professional highs and lows in his life.

As the ex-boss of Anglo Irish Bank, FitzPatrick built the bank over 30 years to become one of the biggest lending institutions in Ireland. He was a giant of a man, according to his daughter Sara.

But Anglo Irish Bank's collapse in 2009 cost the State billions. It's a reminder that even the most successful businesses can experience significant setbacks.

FitzPatrick's own career was marked by controversy, including being declared bankrupt in 2010 and being arrested over financial irregularities. He was also charged over a failed insider trading scam.

Despite these challenges, FitzPatrick remained humble and always wanted to help others. His daughter said he would remind people that the measure of a person is not their successes, but how they can move forward after being knocked down.