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Bankruptcy alone is insufficient - Morgan

12 July, 2010


Speaking today after Sean Fitzpatrick was declared bankrupt at the High Court, Sinn Féin Spokesperson on the Economy Arthur Morgan has said that bankruptcy alone was insufficient and has hit out at the irony of the situation where the man who was at the helm of Anglo Irish bank can be discharged from bankruptcy after 12 years while ordinary people of this State are saddled with the debts and consequences of the misconduct at Anglo Irish for generations to come.

Deputy Morgan said:

“Ireland has been brought to its knees. Anglo Irish bank incurred the greatest losses of any bank in the world last year. It was Sean Fitzpatrick who was at the helm of this ruin and downfall.

“In 12 years Sean Fitzpatrick can be discharged from bankruptcy, even if he has not paid all his debts and any of his assets remaining can be returned to him. In 12 years, the people of this State will still be paying for nationalising and recapitalising Anglo.

“So far €22 billion has been put into Fitzpatrick’s private piggy bank, the bank that had no economic or social returns for millions of people in this State during the boom. So far no prosecutions have been brought against any of the bankers that officiated over the demise of the Irish banking sector. But everyday ordinary people are paying the heavy price for the incompetence and misconduct of Irish banks and the bank directors, like Sean Fitzpatrick.

“Bankruptcy should not be the only action that is taken against Sean Fitzpatrick. Bankruptcy alone is insufficient. Sean Fitzpatrick needs to be brought before the courts and to be held to account for his actions.

“The punishment should be in proportion to the crime and for a man who was at the helm of the most corrupt bank in this State, the Bank which is being kept afloat by taxpayers, to be allowed the opportunity to be discharged from bankruptcy in 12 years is ironic. Ordinary people of this State are saddled with the debts and consequences of the misconduct at Anglo Irish for generations to come, while Sean Fitzpatrick will be let off after 12 years.” ENDS

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