Anglo Irish Bank chairman apologises to shareholders

The chairman of Anglo Irish Bank has apologised to shareholders for the recent loan scandal at the bank.

Donal O'Connor, who recently replaced Sean Fitzpatrick in the job, told an EGM of the bank's shareholders in Dublin that the manner in which Mr Fitzpatrick took out secret personal loans was wrong.

Last night, Finance Minister Brian Lenihan said the scandal surrounding Mr Fitzpatrick's actions was a major factor in forcing the Government to nationalise the bank.

Mr O'Connor told shareholders today that such activities would not be allowed to happen again.