Former Anglo Irish Bank Chairman Sean FitzPatrick has a net income of just €188 per month, documents furnished to the High Court show.
A statement of affairs, provided to the court as part of Mr FitzPatrick’s bankruptcy proceedings today, also disclosed that the former bank chairman has debts of more than €145 million, compared to assets of just over €47 million.
In the statement of affairs, Mr FitzPatrick revealed that he receives €3,693 per month net of tax, as payment from an Irish Life annuity. However the statement shows Mr FitzPatrick makes a net loss of €3,505 per month on three properties he jointly owns, which are rented out. His net income is €188 per month.
Meanwhile, Anglo Irish Bank today withdrew its attempt to have an insolvency practitioner appointed, instead of the official assignee, to divide the estate during the bankruptcy process for Mr FitzPatrick.
Paul Gardner SC, for the bank, told the court Anglo was no longer proceeding with the motion and asked for it to be struck out.
In a brief hearing before Ms Justice Elizabeth Dunne this morning, the court was told that Mr FitzPatrick, who was in court, was co-operating with the process and his affairs were being handled by the official assignee, Chris Lehane.
Granting the motion, the judge also confirmed the appointment Mr Lehane to handle Mr FitzPatrick’s bankruptcy and realise the estate in full for the benefit of creditors.
The appointment of a trustee would have given a greater degree of control to Anglo over the bankruptcy process. However, for this to have happened the bank required the support of three-fifths of the creditors – both in value and number – to secure the appointment of their nominated trustee, KPMG partner Kieran Wallace.
While Anglo holds more than 92 per cent of Mr FitzPatrick’s debts - amounting to €110 million - seven of the 12 creditors said in bankruptcy proceedings they support the retention of Mr Lehane.
Two creditors, Cove Capital, which is controlled by former Anglo non-executive director Lar Bradshaw, and the Revenue Commissioners are not voting. Among the creditors in support of the retention of the official assignee are Mr FitzPatrick’s wife Catriona, who is owed €53,568.
Among the creditors that opposed the appointment of a trustee were Friends First which is owed €3.4 million and AIB, which is owed €1.5 million.
Mr FitzPatrick’s statement of affairs shows he receives a rental income of more than €50,000 per year from a house in Bray, and apartments at Smithfield Market, Dublin and Killiney Court, Killiney. The figures show that 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 statement also shows that 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 his assets which include property interests in the UK, France, Hungary, South Africa and the US. The statement shows other assets including his interests in Nigerian oil and gas firm Ekeh and with the Quinlan Property group.
He also holds a number of investment portfolios, including ones with a number of stockbrokers firms NCB, Davys and Goodbody’s as well as investment banks Goldman Sachs and Merrill Lynch. He also has 4.9 million Anglo shares that are worth nil.
He also provided details of money has held in various bank accounts in Dublin. 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, the former Anglo boss has secured debts mainly owed to financial institutions of €84.299 million. The vast majority of that 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.
The statement also lists Mr FitzPatrick’s unsecured debts as €61 million. These include contingent liabilities of €9.3 million for personal guarantee made in respect of Mr FitzPatrick’s adult children and €46.65 million for personal guarantees he made in respect of various investments.
The Revenue Commissioners have also made a number of demands for approximately €3.5 million from Mr FitzPatrick, several of which are currently under appeal.
Mr Fitzpatrick, who resigned from Anglo in December 2008, declined to comment to reporters as he left the court. He was driven away from court in a green Jaguar.