Bank directors forced to reveal loans

The Financial Regulator has announced new rules requiring the directors of credit institutions to detail any loans they have from the company.

The move follows the scandal surrounding the revelation that former Anglo Irish Bank chairman Sean Fitzpatrick had tens of millions of euros worth of loans with the bank which he hid from the shareholders.

The new rules will require directors to reveal the maximum amount of money they owed the company during each year, as well as the amount outstanding at the end of the year.

The measures will come into force next month.