Financial Regulator announces retirement

Financial Regulator Patrick Neary has announced his intention to retire at the end of the month.

Mr Neary's decision follows the completion of a report investigating internal communications of matters relating to loans to directors at Anglo Irish Bank.

The report found there had been a communications break down in the organisation, which resulted in a failure by the regulator's office to take action.

In a statement Mr Neary said he was not advised of any such matters in early 2008.

It goes on to state that there had been no oral, written or email escalation of these issues to either himself or the authority over the period until it was raised by the Minister for Finance on December 10.

Brian Lenihan is to consider the authority's report and bring proposals to Government in relation to the appointment of a new chief executive.

In the interim the Authority has appointed Consumer Director, Mary O'Dea, as acting chief executive.