Regulator under fire after Anglo Irish revelations

The Financial Regulator is coming under further criticism today following the revelations that have led to the resignation of Anglo Irish Bank chairman Sean Fitzpatrick.

Mr Fitzpatrick stepped down last night after it became public that he has personal loans with the bank totalling €87m.

He has admitted that - for the eight years prior to 2007 - he temporarily transferred his loans to another bank, which prevented them from showing up in annual reports.

Brian Lucey, professor of finance at Trinity College Dublin, says internal audit and oversight bodies in Anglo Irish Bank should have raised concerns about the situation.

He also says the regulator appears to have been aware of the matter for almost a year.

Labour Party TD Joan Burton is calling for an emergency meeting of the Oireachtas Finance Committee on Monday to question the Regulator and the Minister for Finance about the scandal.

Questioned by reporters in Dublin this morning, Health Minister Mary Harney said the matter was one for the independent regulatory bodies and the Director of Corporate Enforcement.