Sean Fitzpatrick arrested on suspicion of Anglo Irish Bank “financial irregularities”.

I don’t know if any of you look at Father Ted? I think people from outside Ireland labour under the misapprehension that it is a comedy, rather than a faithful portrayal of Irish life. There’s a running joke in the series, where Ted has embezzled money intended for a Lourdes trip for sick children. Any time the issue is brought up he tries to defend himself by claiming that the money was “just resting” in his bank account.

In real life, the Irish authorities are remarkably tolerant of political and financial corruption, and the great Irish public usually increase their votes for politicians found guilty of it. To be honest, I don’t think that would even have happened on Craggy Island.

I was watching the 9 O’clock news this evening, and the phrase “financial irregularities” cropped up several times. But when you think about it, Ireland is run on financial irregularities. Question is, how many perpetrators have ever been brought to justice? I can only think of Lawlor and Burke… both on foot of the tribunals.

Now it seems that Sean Fitzpatrick was arrested this morning on suspicion of “financial irregularities” at Anglo Irish Bank, and has had his detention extended by 12 hours for further questioning.

Fitzpatrick was chief executive of the basket-case bank from 1986 until 2005, when news of secret loans taken by him from the bank emerged. Loans totalling more than €87 million, which remained hidden from the auditors for over 8 years.

The taxpayers have already (involuntarily) put €4 billion of their money into Anglo, which was nationalised in January 2009. It is expected to post the largest-ever losses in Irish corporate history later this month, so that figure might as well be one of Bertie’s blank cheques. Commentator Fintan O’Toole says it could be as much as €30 billion.

Given that the bankers, politicians and developers have restored us to our proper place as the basket case of Europe, the Irish ruling class should really have no option but to make examples of members of the elite who engaged in corrupt practice and helped bring the country to its knees.

That’s not to say more arrests and investigations will take place because of any new-found sense of indignation and disgust among our rulers at the low standards in Irish public life, but simply because international investors and bankers will expect it.

But that’s only being logical. Let’s see what really happens.

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