FORMER ANGLO Irish Bank chairman Seán FitzPatrick has a net income of just €188 per month, according to documents furnished to the High Court.
A statement of affairs, provided to the court as part of Mr FitzPatrick’s bankruptcy proceedings, disclosed that the former bank chief has debts of more than €145 million, compared to assets of just over €47 million.
During a brief hearing yesterday, the court was told State-owned Anglo Irish Bank was withdrawing its application to have its own trustee appointed to replace official assignee Chris Lehane.
Paul Gardiner SC for Anglo, which claims it is owed €110 million by Mr FitzPatrick, told Ms Justice Elizabeth Dunne that the bank no longer wished to proceed with its motion to have a trustee appointed over the bankruptcy to replace Mr Lehane. Anglo had sought to have it own trustee appointed in order to have more control over the bankruptcy process.
Mark Sanfey SC for Mr FitzPatrick, who was present in court, said his client had furnished a statement of affairs as required under bankruptcy proceedings. Ken Bredin, for Mr Lehane, said Mr FitzPatrick was co-operating with the process.
The judge made an order passing the statutory hearing, which means that the bankruptcy process will continue under Mr Lehane, who will discharge Mr FitzPatrick’s assets for the benefit of creditors.
In the statement of affairs, Mr FitzPatrick revealed his current income is € 188 per month. He receives €3,693 per month net of tax, from an Irish Life annuity. However, he makes a net loss of €3,505 per month on three properties he jointly owns and which he rents out.
Mr FitzPatrick receives a rental income of more than €50,000 per year from a house in Bray, Co Wicklow, and apartments at Smithfield Market, Dublin, and Killiney Court, Killiney, Co Dublin. However, when mortgage repayments and other overheads such as insurance and management fees are taken into account, he makes a net monthly loss of €3,505 on the properties.
Mr FitzPatrick’s statements show he is joint owner of his family home and another house in Greystones, and an apartment in Marbella, Spain. Only the Marbella apartment is not subject to a mortgage.
The statement lists assets including property interests in the UK, France, Hungary, South Africa and the US. Other assets including interests in Nigerian oil and gas firm Ekeh and with the Quinlan Property group.
He also holds a number of investment portfolios, including with stockbrokering firms NCB, Davy and Goodbody, as well as investment banks Goldman Sachs and Merrill Lynch. He has 4.9 million Anglo shares that have no value. His other listed assets include a 1992 BMW, which has no value, and an 2008 Volkswagen Passat, worth €10,000.
According to the statement of affairs, sworn by Mr FitzPatrick earlier this week, he has secured debts mainly owed to financial institutions of €84,299,000. The vast majority of the debt, more than €73 million, is owed to Anglo. The others debtors include Ulster Bank, AIB, Bank of Ireland Scotland, Friends First and Haven Mortgages Ltd.
Mr FitzPatrick’s unsecured debts are €61 million. These includes contingent liabilities of €9.3 million for personal guarantees made in respect of his adult children and €46.65 million for personal guarantees he made in respect of various investments.
The Revenue Commissioners have made demands totalling €3.5 million from Mr FitzPatrick.
