Friday, Anglo Irish Bank (ANGL.L) announced the resignations of its Chairman Sean FitzPatrick and non-executive director Lar Bradshaw in conjunction with the inappropriate transfer of loans. The chairman's resignation is with immediate effect. In addition, the group said it nominated and appointed Donal O'Connor to replace Sean FitzPatrick as Chairman.
Anglo Irish noted that FitzPatrick's decision to resign was based on the fact that over a period of eight years to 2007 he temporarily transferred loans with Anglo Irish Bank to another bank prior to the group's year-end. This transfer of loans did not breach banking or legal regulations, however, it was inappropriate from a transparency point of view.
Similarly, Bradshaw's decision was based on the fact that a loan, which he held jointly with FitzPatrick, was temporarily transferred to another bank prior to year-end. While Bradshaw was unaware that this transfer took place, he believes that it is in the Bank's best interest that he should resign.
Besides, Anglo Irish added that all of the other directors confirmed that they have not engaged in this or in any other inappropriate action in relation to their loans.
The bank noted that Donal joined the board as a non-executive director and was a senior partner of PWC for 12 years until June 2007 and a member of the Global Board of PWC for 6 years to September 2008.
The bank said the board would undertake a thorough review of governance, to commence immediately, using independent expertise. Anglo Irish noted that it would consider any recommendations emerging from this review and would take decisions to ensure that the governance process is of the very highest standard. The bank would continue to liaise closely with the financial regulator and the department of finance.
The board also advised the financial regulator and the department of finance of the issue and FitzPatrick's and Bradshaw's decisions.
Further, Anglo Irish appointed two new non-executive Directors from the panel of government nominees, Alan Dukes, former Minister for Finance and Frank Daly, former Chairman of the Irish Revenue Commissioners.
At 30th September 2008, the loans to Sean FitzPatrick totaled EUR 87 million. The total for directors' loans at the date was EUR 150 million.
ANGL.L is currently trading on London stock exchange at 0.2625 pence, down 18.60%.
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