New York Times:

Revelation Rocks Bank in Ireland

By MATTHEW SALTMARSH
Published: December 19, 2008

A major Irish bank was shaken Friday by the revelation of 87 million euros, or $125 million, in undisclosed personal loans to the bank’s chairman — prompting his resignation as well as that of the bank’s chief executive. Sean FitzPatrick, chairman of Anglo Irish Bank, announced his resignation late Thursday after regulators discovered that he had hidden the personal loans from shareholders. The bank’s chief executive, David Drumm, also resigned. The scandal sent the shares in the bank plummeting […]

A statement Friday from the regulator, the Central Bank and Financial Services Authority of Ireland, said it became aware this year of “matters surrounding loans from Anglo Irish Bank to Sean FitzPatrick.”

“While it does not appear that anything illegal took place in relation to these loans, the financial regulator was of the view that the practices surrounding these loans were not appropriate,” the statement said.

Analysts said the scandal could affect the pace of the government’s support for the banking sector. […]

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