Nationwide chairman resigns over bank’s loans to FitzPatrick

FOLLOWING an emergency board meeting yesterday Irish Nationwide (INBS) said it regretted the decision of Dr Michael Walsh to quit as company chairman.

His resignation last night followed disclosures that INBS lent millions in dollars and sterling to the former chairman of Anglo Irish Bank, Sean FitzPatrick, to help hide more than e120 million in borrowings from Anglo.

The board said “there were no commercial issues” for his (Mr Walsh’s) unexpected resignation and accepted “with great regret” his resignation from the board and as director of the society.