Watchdog criticised as questions remain

THE Financial Regulator was strongly criticised last night as questions remained unanswered on why it did not take action earlier on loans to directors at Anglo Irish Bank.

It emerged yesterday that the regulatory authorities knew for a number of months about the transfer of money in Anglo Irish Bank which lead to the resignation of its chairman, Sean FitzPatrick, on Thursday night.

Mr FitzPatrick resigned over the temporary transfer of €87 million in loans between the bank and Irish Nationwide Building Society over an eight-year period.