The former head of Anglo Irish Bank, Sean FitzPatrick, has been arrested by Irish police in connection with alleged financial irregularities at the bank. He is the third former senior executive from Anglo Irish Bank to appear in court within the past 24 hours. All three men face 16 charges in relation to an alleged failed attempt to prop up Anglo's share price after a stock market collapse. Anglo was nationalised at a cost of about 30bn euros (23.4bn) to Irish taxpayers. Anglo was badly exposed by the bursting of the Irish property bubble and suffered the largest corporate loss in the history of the Republic of Ireland. It is the third time Mr FitzPatrick has been arrested as part of the three-and-a-half year long investigation into the collapse of Anglo Irish Bank. Willie McAteer - the second in command at the bank before his resignation in January 2009 - appeared in court alongside Pat Whelan, a former head of lending and operations at the bank. The former bank is being wound down and is currently being run by the Irish Bank Resolution Corporation Limited (IBRC).
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