Two former directors of Anglo Irish Bank have been charged in relation to an alleged €8m fraud at the former lender.

Pat Whelan of Coast Road in Malahide and Willie McAteer with an address at Greenrath in Tipperary town were arrested in Dublin city centre this morning.

Mr Whelan (53) used to work as the director of lending in Ireland for Anglo. His co-accused, Mr McAteer (63), was finance director for the former bank.

Both men were arrested after they were asked to meet with gardaí at the Bridewell garda station in Dublin this morning.

The court heard they are each facing one charge of fraud under the Companies Act.

Mr McAteer is accused of fraudulently obtaining a loan for over €8.2m from Anglo to pay off a personal loan with Bank of Ireland in September 2008.

In doing so, he caused a gain to himself and a loss to the bank, the charge reads.

Mr Whelan is accused of being a party to that loan. Both men were granted bail today after the court approved two independent sureties for €10,000 each.

They are due back in court in November.

Originally published 12:04