Banks will have to divulge more detail on director loans

BANKS are being forced by the Financial Regulator to divulge more details regarding directors’ loans.

The regulator said banks and building societies will have to include in their audited annual reports additional details on any loans to directors, unpaid interest and any provisions made for loans not expected to be repaid.

“These institutions will also be required to maintain a register of all such loans at their registered offices for review by shareholders,” it said.