Garret FitzGerald - Finances

Finances

In early 1999 it was revealed that some six years earlier, AIB and Ansbacher Banks wrote off debts of almost IR£200,000 owed by FitzGerald following the collapse of the aircraft leasing company, Guinness Peat Aviation, in which he was a shareholder. Chairman of AIB at the time, Peter Sutherland, was also a former director of GPA and had served as Attorney General under FitzGerald, prior to FitzGerald appointing him as Ireland's member of the European Commission. The Moriarty Tribunal investigated this matter, and compared the treatment by AIB of FitzGerald with their treatment of Charles Haughey. They found no evidence of any wrongdoing, indeed the Tribunal heard evidence as to the considerable hardship that FitzGerald went to - to the extent of selling of his family home - to repay the debt to the best of his ability.

The Tribunal concluded in their report:

In summary it would appear that in compromising his indebtedness with the Bank, Dr. Fitzgerald disposed of his only substantial asset, namely, his family home at Palmerston Road, a property which would now be worth a considerable sum of money. As in Mr. Haughey's case, there was a substantial discounting or forbearance shown in Dr. Fitzgerald's case. However in contrast with Mr. Haughey's case, Dr. Fitzgerald's case involved the effective exhaustion of his assets in order to achieve a settlement whereas Mr. Haughey's assets were retained virtually intact.