herald

Wednesday 13 December 2017

Good to see bank going after Seanie

IT'S an all too frequent and distressing scene at the courts these days; home owners and businesses present themselves before a judge to try to keep their dreams alive.

Too often, struggling beneath the weight of mortgages worth more than their homes, falling incomes or joblessness, they bow to the inevitable and walk away from the unmanageable debt burden.

Even selling their homes will not discharge their debt and sometimes there is little left but to hand back the keys.

For the little person, it was somewhat heartening to see the first high profile action by a bank taken against a major debtor.

Anglo Irish Bank wants its former chairman, Sean FitzPatrick, to repay €70m in unpaid loans. Mr FitzPatrick's wealth has taken a major dip and he may not be able to repay it. One thing is for sure: he will still have a house to live in by the end of it.

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