Regulator outlines requirements for disclosure of directors’ loans

The Financial Regulator has written to all Irish banks and building societies to outline the requirements for disclosing directors’ loans.

These disclosures must be made in the bank's audited annual financial statements.

They must include the amount owed by the person; the amount of any unpaid interest; and what provisions have been put in place in the event that the loan cannot be re-paid.

The banks and building societies must also keep a record of all these loans so that they can be reviewed by shareholders.

The move follows the controversy over loans to directors at Anglo Irish Bank.