Donegal banker jailed for fraudulently obtaining loan for €8 million

Already serving jail term

By Staff Reporter

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By Staff Reporter

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Donegal banker jailed for fraudulently obtaining loan for €8 million

Willie McAteer.

A Rathmullan banker and former director of finance at Anglo Irish Banks received a two and a half year jail term today for fraudulently obtaining a loan for €8m in 2008.
Willie McAteer, 66, of Greenrath, Tipperary Town, Tipperary, pleaded guilty to obtaining a loan of €8 million from Anglo on September 29, 2008 which he secured against his shares in the bank. He then used the money to pay a personal loan he obtained from Bank of Ireland. Originally from Rathmullan he pleaded guilty to the offence last month and appeared today for sentencing at Dublin Circuit Court.
The court heard the loan was formulated by Anglo Irish Bank’s executive board of directors to prevent the Anglo shares being sold off which would have damaged confidence in the bank.
McAteer did not seek it and did not devise its terms but accepted the loan, court heard .
The maximum penalty available for the offence of fraudulent trading was seven years in prison and a maximum fine of €63,486.
The sentence will run concurrently with the three-and-a-half year sentence McAteer is already serving for his part in a €7.2bn conspiracy to defraud, by misleading people about the true health of Anglo.
Three years ago he was sentenced to 240 hours of community service for giving unlawful loans to ten developers to buy shares in Anglo also in 2008.