Willie McAteer, the former finance director of Anglo Irish Bank, has pleaded guilty to fraudulently obtaining an €8 million loan from the bank (Conor Gallagher writes).

McAteer, 66, of Greenrath Tipperary Town, Tipperary, entered the plea yesterday morning at Dublin Circuit Criminal Court ahead of his trial which was due to start in January 2017.

McAteer admitted obtaining a loan of €8,426,307 from Anglo on September 29, 2008 which he secured against his shares in the bank. According to the indictment he then used the money to pay off a personal loan he obtained from Bank of Ireland which resulted in a gain for himself and a loss to Anglo.

Judge Melanie Greally allowed McAteer to remain on bail with the consent of the prosecution and set a sentence date for January 12, 2017. She also urged caution in the reporting of the matter.

The charge against McAteer states that “in breach of section 297 of the Companies Act, 1963, that you, on 29 September 2008, were knowingly a party to the carrying on of the business of a company, for a fraudulent purpose, the granting of Anglo Irish Bank of a loan to yourself in the amount of €8,426,307 secured only upon your shares in Anglo Irish Bank so that you could discharge a loan to Bank Of Ireland in that amount you were personally liable, caused a gain to yourself [and] a loss to Anglo Irish Bank”.