Two former Anglo Irish Bank Corp. executives were found guilty of allowing the lender to make loans to 10 clients to buy the company’s shares, the first convictions of bankers since the near collapse of the nation’s financial system.
Former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick was cleared on charges that he let the lender make loans to clients so they could buy shares in the company as the country entered a financial crisis.
Davy, Ireland’s largest securities firm, became the largest single shareholder in the country’s stock exchange under a plan that will allow the market’s six members to share a 27.5 million-euro ($38.1 million) windfall.
A Dublin judge ordered that former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick be acquitted on some charges that he allowed unlawful loans in 2008 to clients so that they could purchase shares in the now-defunct lender.
Ireland’s state-owned bad bank agreed to buy Royal Bank of Scotland Group Plc and KBC Groep NV loans to Ireland’s largest shopping mall, its first purchase of debt that didn’t belong to the country’s bailed-out lenders, people familiar with the matter said.