The decision by the government on September 30 to guarantee all bond debts, even junior debt, means that former Anglo Irish chief executive Sean FitzPatrick can be confident of getting re-paid by the bank he once ran. The disclosure that the state is effectively guaranteeing repayments due to FitzPatrick is expected to be raised by the opposition this week.

Fitzpatrick will be entitled not just to the face value of the bond, but also coupon payments between now and 2014.

The government, unlike several other European countries, decided on the night of September 29 to offer a state guarantee of all liabilities, including subordinated debt which ranks lower than senior debt in the event of a liquidation or bankruptcy protection.

Fitzpatrick, who is facing a raft of enquiries into his director's loans at the bank, had €6.3m of bonds with Anglo Irish when it reported its last financial figures, covering the year to the end of September. The government has pledged that anyone holding this kind of debt will be paid from now until 2010 at least.

Fitzpatrick holds a portion of the bank's €750m floating rate subordinated note, which matures in 2014. This means that unless the guarantee is extended for longer than two years, Fitzpatrick is facing some risk to these bonds.

However this is highly unlikely and government sources have told the Sunday Tribune there is every chance the guarantee will be stretched until 2012 or 2014 depending on prevailing economic conditions.

The bank, once Ireland's third largest, raised a large portion of debt in 2008, but it is clear this was not always easy as the market became worried about its heavy property lending exposures. Fitzpatrick has said he took it upon himself to subscribe for debt in the event of others not being prepared to do so.

The annual report, issued on Friday, does not indicate that other directors subscribed for debt.

Unlike equity holders, debt holders in Anglo, even those holding tier 2 subordinated notes, have had their liabilities guaranteed. As is traditional equity holders get wiped out first in the event of a nationalisation.

However this is unlikely to be well received by retail shareholders, many of whom are preparing legal actions against the bank.