Regulatory board to examine directors’ loans

THE Chartered Accountants Regulatory Board is to examine the issue of directors’ loans in the wake of the €87 million in loans built up by former chairman Sean FitzPatrick.

The independent board, which was established by the Institute of Chartered Accountants in Ireland to regulate its members, said it will be examining the circumstances around the issue of inappropriate directors’ loans at Anglo Irish Bank and the role played by any members of the institute.

“In this process CARB will obviously seek to engage with other statutory regulators and oversight bodies,” a spokesman said.