Two former senior executives at Anglo Irish Bank have appeared in court charged in connection with alleged financial irregularities at the bank.

Former finance director Willie McAteer and former managing director for Ireland Patrick Whelan have both been charged with 16 offences under the Companies Act.

They are both accused of permitting Anglo Irish Bank to give financial assistance to Patricia Quinn, her five children and ten senior clients of the bank, who became known as the 'Maple Ten', to enable the 16 to buy shares in the bank.

Both men were remanded on bail to appear again in Dublin District Court on 8 October for service of the book of evidence.

They are the first to face criminal charges as part of the joint investigation by the Garda Bureau of Fraud Investigation and the Director of Corporate Enforcement.

The joint investigation into alleged irregularities at Anglo Irish Bank has been ongoing for the past three-and-a-half years.

Mr McAteer was the first to be arrested. He was stopped on the N7 at Rathcoole at 9.50am and brought to the Bridewell Garda Station.

At 12.25pm, Mr Whelan was arrested, at his home at Rachra, the Coast Road, in Malahide.

He was also brought to the Bridewell before being transferred in a garda van to Dublin District Court, where both men appeared at separate hearings.

Detective Sergeant Catharina Gunne of the Garda Bureau of Fraud Investigation gave evidence of arrest, charge and caution in the case of Mr McAteer.

She told the court he made no reply to the charges.

The 61-year-old was released on bail this afternoon on his own bond of €1,000 after he handed in his passport.

He agreed to reside at his home in Auburn Villas in Rathgar and his wife Maria was accepted by the court as an independent surety of €10,000.

In the case of Mr Whelan, Det Sgt Michael Prendergast, who is on secondment to the Office of the Director of Corporate Enforcement, gave evidence of arrest, charge and caution.

The 50-year-old was remanded on bail of a €1,000 bond and a €10,000 surety.

He is to reside at his own address and give gardaí notice of his intention to travel abroad, except to the UK. The court heard Mr Whelan travels "back and forth" to London during the week.

His defence solicitor said gardaí accepted he was not a flight risk and are not looking for his passport.

He was also ordered to sign-on once a week at Malahide Garda Station.