Irish Nationwide had shares in Anglo Irish

Property lender among many who have lost all in bank nationalisation

Emmet Oliver and Neil Callanan

Irish Nationwide boss Michael Fingleton

Former Anglo Irish Bank chairman Sean FitzPatrick

Tim Pat Coogan

James Flavin

Pat Spillane

Leo Crawford

The property lender, Irish Nationwide, which was embroiled in the director's loans scandal at Anglo Irish Bank, was also a shareholder in the now nationalised bank, company files show.

The share register of Anglo Irish shows that several property developers, investment advisor Breifne O'Brien and leading Irish businessmen were also shareholders in the bank, which was nationalised two weeks ago.

The share register shows how widespread ownership in the bank was – with a large number of small charities, religious orders and schools holding stakes in a bank known for its aggressive profit growth before the collapse of the Irish property market.

Sutton Park School, based in Dublin 13, is shown as a shareholder, as are some smaller St Vincent de Paul societies. The Church of Ireland held a sizeable shareholding of at least 500,000 shares, the register shows.

Even public bodies, like Public Bodies Mutual Insurances, which insures local authorities, were significant shareholders.

Irish Nationwide, led by chief executive Michael Fingleton, held 50,000 shares in Anglo Irish, even though the two companies were fierce rivals in the area of commercial property lending over many years. It is not clear if the holding was larger in the months preceding nationalisation.

The property developer Patrick Rocca, who died recently in tragic circumstances, is listed as having held shares, but the holding is very small.

Any shareholders holding stock up to the point of nationalisation have effectively lost everything, although a government-appointed assessor may pay shareholders a small amount after calculating the bank's underlying value.

Property developer Gerry Gannon, believed to be one of the few cash rich developers left, was also a shareholder in the bank, though his shareholding was small by the time of nationalisation. Gerald O'Hare, a property developer with interests north and south of the border, was also a shareholder. Tom Bailey, a property developer and former participant in the Flood tribunal, is also listed as a shareholder.

Representatives of the media also took shares in the bank, according to the share register, including leading radio entrepreneur Dermot Hanrahan, ex-CEO of FM 104, and Thomas Crosbie Holdings, owners of the Examiner newspaper and the Sunday Business Post.

The ex-chairman of the bank, Sean FitzPatrick, who resigned after concealing director's loans from shareholders, held a small shareholding, but it is likely a far larger holding was held for him through a nominee account. He moved loans from Anglo Irish to Irish Nationwide over an eight-year period. Irish Nationwide says it simply accepted funds and had nothing to do with the decisions made within Anglo itself or by FitzPatrick.

Other businessmen holding stock in Anglo Irish include Leo Crawford, chairman of the Spar Ireland, the convenience store company; ex-DCC director James Flavin and his wife Mary, both based in Shankhill, Dublin and aviation entrepreneur Ulick McEvaddy. Dr Michael Smurfit, once the key driving force behind Jefferson Smurfit, is also on the register.

The author Tim Pat Coogan, living in Glenageary, Co Dublin, was also a shareholder in the bank, as was former Kerry Gaelic footballer and publican Pat Spillane.

January 25, 2009