Police released Sean FitzPatrick, the former chairman of Anglo Irish Bank, without charge, after questioning him for more than a day, a Reuters witness and police said on Friday.
Officers arrested FitzPatrick after an early morning search on Thursday as part of a fraud investigation into events preceding the bank's nationalisation last year.
A Reuters reporter at the police station in Bray, a seaside resort south of Dublin said FitzPatrick was driven away by a young man in a Volkswagen Golf whose registration plate showed it to be nine years old, as one bystander shouted "gangster".
Asked if FitzPatrick had been released without charge, a police spokesman said: "At this point, yes. A file will be prepared for the director of public prosecution."
FitzPatrick, who was CEO before becoming chairman, said in December 2008 he had kept shareholders in the dark for years about loans worth 84 million euros he had received from Anglo Irish Bank, which had to be nationalised in early 2009.
The regulator has also been investigating whether Anglo Irish used more than 7 billion euros of short-term deposits from bancassurer Irish Life & Permanent to mask large customer deposit withdrawals.
On Thursday police said they had arrested a man in his early 60s and held him in Bray, but did not name him or the institution involved in their inquiry.
A source familiar with the situation and local media already identified him then as FitzPatrick but his exit from the police station on Friday was the first opportunity for reporters to fully verify his identity.
ReutersGüncelleme Tarihi: 19 Mart 2010, 18:20