Gardaí have released former Anglo Irish Bank finance director Willie McAteer after holding him for 32 hours in relation to alleged financial irregularities at the bank.
Mr McAteer (59) was arrested at his home in Rathgar, south Dublin, at 6.30am yesterday and taken for questioning to Irishtown Garda station in Dublin's south inner city.
He was arrested under Section 4 of the Criminal Justice Act and can be held for up to 24 hours without charge. He remained in custody after his period of detention was extended by 12 hours.
He was released at 2.15pm today and left the station in blue Ford Focus. A Garda spokesman said a file was being prepared for the Director of Public Prosecutions.
Mr McAteer was arrested by members of the Garda Bureau of Fraud Investigation, the specialist unit investigating practices and alleged irregularities at Anglo.
Detectives from the unit were granted a search warrant by the courts in recent days to search Mr McAteer's home and that warrant was executed this morning during the surprise Garda operation. Mr McAteer was arrested as the search, which is continuing, was underway.
The arrest of Mr McAteer, who was also formerly the chief risk officer at Anglo, is the second high profile arrest of former Anglo senior figures and follows the detention of the bank's former chairman Sean FitzPatrick last week.
Mr FitzPatrick was questioned about the transfer of €7.45 billion in deposits by Irish Life Permanent (ILP) over Anglo's 2008 year-end period.
It is anticipated Mr McAteer will also be questioned about that issue during his period of detention.
Gardaí are also investigating directors' loans at the bank. Mr McAteer was one of a number of directors to have been loaned substantial sums.
In March of last year he had a loan of €8 million owing to Anglo. The loan is secured on Anglo shares, which are effectively worthless following the bank's nationalisation.
Mr McAteer's loan was originally "non-recourse", meaning it was secured only on the shares, but the loan was later changed to a full personal recourse basis.
Mr McAteer resigned just over 12 months ago after it emerged that Mr FitzPatrick had concealed his loans with Anglo over eight years in an arrangement with Irish Nationwide Building Society.
At the end of 2008 Mr McAteer had more shares in Anglo, at 3.5 million, than any other member of the board apart from Mr FitzPatrick.
As well as the €7.45 billion short term deposits into Anglo from Irish Life Permanent and directors' loans at the bank, the Garda, Director of Corporate Enforcement and the regulator are also investigating the secret sale of a 10 per cent stake in the bank to a group of 10 customers with Anglo loans.
Mr FitzPatrick was released from Garda custody without charge last week after being questioned for 24 hours.