Former AIB chief FitzPatrick writes off €17.5m

The Irish Times paints a portrait of just how wrong things can go, even for what one would tend to call “sophisticated” investors. It claims that in his accounting documents prepared in a failed attempt to win bankruptcy protection, former Anglo Irish Bank chairman Seán FitzPatrick wrote off €17.5 million on investments. €9.3m invested in 10 property syndicates are listed as complete write offs. Making matters worse, he owes AIB €110m, which held security on all but one of those investments. He was also involved deals arranged by Avestus, including one for the Prague Four Seasons hotel, but while hit by the crisis, these weren’t claimed as total write offs.

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