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Archive for the ‘Sean Fitzpatrick’ Category

Sean Fitzpatrick is renting properties at bargain-basement levels

Sean Fitzpatrick – best value for money landlord in the State?
namawinelake | September 25, 2010 at 11:38 am | Categories: Irish Property, NAMA | URL: http://wp.me/pNlCf-C7  

The Irish Times yesterday reported on former Anglo Irish boss Sean Fitzpatrick’s continuing bankruptcy journey through the High Court and stated that Sean, together with his wife in some instances, has a number of properties on which he is collecting rent. The details of the properties given would seem to suggest that Sean is renting properties at bargain-basement levels, in particular on the following two properties:
(1) 25 Camaderry Road, Bray, Co Wicklow on which Sean gets €5,100 per annum in rent (that’s an even €425 per calendar month). I don’t know the road at all but a summary search on DAFT.ie shows a three-bedroom one-bathroom semi-detached house on Camaderry Road with a sale agreed status – the asking price was €569,000. There doesn’t seem to be any other property for sale or rent on Camaderry Road. If Sean’s 25 Camaderry Road property were similar to this property and the €569,000 asking price was a reflection of the value of the house then Sean would be getting a yield of 0.9%. The Rent Assistance for Wicklow is €529 pcm at the very lowest single occupancy level and rises to €1,110 pcm, so Sean appears to be undercutting the State’s own rental assistance levels!
(2) Flat at 7th,8th and 9th floors, Smithfield Market, Dublin on which Sean is reported to be receiving €16,800 per annum (equal to an even €1,400 per calendar month). Again there are no further details of the accommodation but if the apartment extends over three floors, it is hardly a studio! Now it appears that you can rent a 1-bed apartment from €850 pcm in the Smithfield Market but penthouse apartments would appear to be going for €2,600 pcm. Without knowing more details about Sean’s flat it would be difficult to comment but on the face of it a 3-floor flat for €1,400 pcm appears very low.
It should be said that the Irish Times article also refers to a property at Killiney Court being rented for €30,000 per annum (€2,500 pcm) and previous reporting has claimed this property is an apartment so it would seem that the rental on the Killiney Court property is more in line with open market rents.
source http://namawinelake.wordpress.com/author/namawinelake/

Files in the Land Registry Office show that Mr and Mrs FitzPatrick became owners of an apartment in Smithfield Market in December 2006.

Ownership of the apartment, which is on the seventh, eight and ninth floors of the building according to the registry documents, was transferred in December 2006 by Fusano Properties.

Fusano was the developer of the complex and is part-owned by businessman Paddy Kelly. Fusano was funded by Anglo Irish Bank.

Mr Kelly’s loans are now understood to belong to the National Asset Management Agency.

In May 2008, a mortgage against the property was registered by Haven Mortgages. In his statement of affairs filed as part of his bankruptcy proceedings, Mr FitzPatrick said he was getting an annual income of €16,800 from the apartment. source http://www.irishtimes.com/newspaper/finance/2010/0924/1224279586377.html

In May 2008, a mortgage against the property was registered by Haven Mortgages. In his statement of affairs filed as part of his bankruptcy proceedings, Mr FitzPatrick said he was getting an annual income of €16,800 from the apartment.

The apartment was one of three properties he said he was renting but which, when mortgage payments and other costs were taken into account, were producing a monthly loss of €3,505.

Another of the properties was 25 Camaderry Road, Bray, Co Wicklow, from which Mr FitzPatrick gets €5,100 per annum in rent.

A lien against this property was registered in March 2009 in favour of Ulster Bank.

The final property being rented is at Killiney Court, Station Road, Killiney, Co Dublin, from which he gets rent of €30,000 per annum.

source http://www.irishtimes.com/newspaper/finance/2010/0924/1224279586377.html

Comment:

I thought Sean Fitzpatrick has only 188 euro a month to live on!

Why is this c**** been let con his creditors and the Irish taxpayers?

Anywhere else he would not have such a grin on his face

he is making such a fool out of us all ! He should be in Jail along with the rest of the gangsters that have destroyed this country

Careful what you ask for!

 

With the cries of change the government getting louder, I caution and ask the question will we be any better off?

Make no mistake I want to have a change of government and I want to jail All
the corrupt Basta***

Responsible for the mess we are now in.

What exactly will the new government do about the political gangsters responsible for the mess we are now in?

Will they reverse the whole
NAMA
fraud?(Never Any Money Again)

Will they route out the civil servants in the Department of Finance who are totally out of touch with the reality of the modern financial markets and who are obviously in cahoots with the crooks in the boardrooms of the country’s banks?

Will we see Berti Ahern, Brian Lenihian, and Brian Cowen all go to jail??

Will we see anybody go to jail? Will we see Sean Fitz, and the X financial regulator go to jail?

Will we see the Board of directors of Irish Life and permanent go to jail?

The system we use to elect a new government does not behold any political party to hold its promises to the electorate. So they can promise what they like only when in power forget all about it!

unless we have a new system that allows the people an instrument that they can use to change the government if the people deem that the elected government have lost their way and broke their promises that got them into government in the first place.

The political system that any (New) government will be using is the same system that this government are using and this is where we get screwed all the time.

For example the system allowed the Fiannia Fail government to take control by first telling us lies; they had control of all the economic information kept it to themselves!

Then they were able to get the greens on side with offers of power sharing, who promptly ditched their own core values and morals.

The economy fell off a cliff. They are now imposing NAMA on us and we as a result will now lose our national financial independence.

In other words we lose our Independence just like that!

The political system allows these traitors to destroy our country and we the people can’t do anything about for another two years?

We the people now know that this government are responsible for all of this mess and we cannot now get them out, because of systems they have helped to put in place over the last 90 odd years .why is there no system in place for the people to kick out governments that have blatantly broke their word, abandoned their promises to the electorate, by claiming that the economic conditions have changed?

Why in such an event we the electorate don’t get to have our say again with the new economic facts put in front of us?

Why must we allow our country to be destroyed for the next 5 years by people who have abandoned all the promises made to the electorate?

We must change the system that allows politicians to do just what they please once they get into power .remember they are supposed to be working for us and not the other way round!

So with regards to a change of government, chaining personal just because they are from the other side of the Dail is no longer good enough ,we need to have qualified people running the country

To get this we need to have universal free and lifelong education.

An educated people would be in a better position to know and elect better people to positions of power and even come up with a better system of ensuring that the government of the day is held accountable to the people the real masters.

Second ex-boss at Anglo Irish bank is arrested

 
 


This Former Finance Director and Chief Risk Officer William McAteer was arrested on Wednesday at 0630 GMT.

He is being detained under Section 4 of the Criminal Justice Act at Irishtown Garda Station in Dublin.

This comes after last week’s arrest of the bank’s former chairman Sean FitzPatrick about alleged financial irregularities.

Mr McAteer resigned as financial director at the bank in January 2009.

Chairman, Mr FitzPatrick, stepped down in December 2008 after he had concealed millions of euros in personal loans He hid the loans from shareholders by temporarily transferring them to another bank before each year-end to avoid revealing them in the accounts.

 

 Taoiseach’s office

Aside from the concealment of directors’ loans, other scandals to afflict the bank included a scheme to allegedly give artificial support to the bank’s share price and the recording of a huge loan from another bank as a customer deposit.

Two weeks ago, Mr FitzPatrick told the bank he could not repay 70m euros (£63m) he owes in unpaid loans.

As a result, the bank has started legal action against him in an attempt to recover the debt.

This arrest is long overdue and really is just a sham at this stage, as the corrupt boys have had ample time to hide all the bodies and with links going all the way up to the

We the public are just been screwed all over again .

Over the wires I now here that the staff of Anglo Irish Bank are going to get a pay rise.

Unbelievable!

with the dole been cut , hospitals beds being cut musical chairs at the cabinet office what else will we the public put up with before we take to the streets and take our revenge on the gangsters that are running the country as if it was their personal property
For god sake get up and take the fight for our own futures to the streets

We need to take affirmative action who’s with me??

 

The Irish Oscar Nominations for best spoof film

 


Former Anglo Irish Bank Chairman, Sean Fitzpatrick was arrested today by fraud squad officers in a dawn raid at his home.

Sean Fitzpatrick – former chairman of the now toxic Bank – was arrested at his house in Greystones, Co Wicklow

The ex-banker stepped down in December 2008

Over a period of eight years Mr. Fitzpatrick, temporarily transferred loans from Anglo Irish Bank to another bank before the annual report for the bank was audited.

This action to-day is a welcome development but valuable time has been lost and there is no way of knowing how this laps of time has benefited this individual

In the US Bernie Madoff was arrested and put into jail within weeks Mr.Sean-ie has had almost 2 years to hide his tracks if he needed to do so.

I believe we are just seeing a stage performance of Oscar proportions and I further believe he will get away scot free because he could have information about top Politicians

I believe it was Mr. Brian Cowne that should have been arrested this morning and I further believe that Sean Fitz has enough info to justify such action but it may (will) never come out, the boys club knows how to look after themselves

Every single investigation in this state has not resulted in anyone going to jail and this so called investigation will result in the same waste of time.

The golden circle knows how to protect themselves!

Remember these headlines ?

By Senan Molony, Joe Brennan and Fionnan Sheahan

Thursday February 19 2009

TAOISEACH Brian Cowen was a keynote speaker at a private dinner for top Anglo Irish Bank executives – just weeks before he began running the country.

Mr Cowen dined privately with Anglo Irish Bank directors at a Dublin hotel just weeks after he had been warned of a dangerous position with the bank’s shares that threatened the entire Irish financial system.

Mr Cowen was Finance Minister at the time and was told only weeks before about problems at the bank with the shareholding of multi-millionaire businessman, Sean Quinn.

source http://images.google.ie/imgres?imgurl=http://www.independent.ie/multimedia/archive/00281/cowen_281022t.jpg&imgrefurl=http://www.independent.ie/national-news/cowen-dined-privately-with-anglo-bank-chiefs-1644942.html&usg=__xJIA4Dix5HBhlfMTmp-8a6abSFQ=&h=263&w=294&sz=15&hl=en&start=14&um=1&itbs=1&tbnid=cEeiiO8mJYwZZM:&tbnh=103&tbnw=115&prev=/images%3Fq%3Dsean%2Bfitzpatrick%2Band%2BBrian%2Bcowen%26um%3D1%26hl%3Den%26sa%3DG%26tbs%3Disch:1


 

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