Regulator branded a ‘pathetic farce’ amid Anglo saga

THE Financial Regulator’s office was branded a “pathetic farce” by politicians as it emerged loans concealed by former Anglo Irish Bank chairman Seán FitzPatrick had been even higher than the €87 million revealed.

Mr FitzPatrick hid the massive loans from shareholders by repeatedly transferring them over an eight-year period to Irish Nationwide Building Society and resigned as chairman of Anglo Irish last month when it became public.

However, the regulator’s office had finally become aware of the transactions by the end of 2007, though no action was taken until December 2008, with the watchdog’s chief’s claiming the office was busy dealing with the banking crisis - even though it only erupted in September.