Twenty four hours ago, I posted the early details of the evolving Anglo Irish Bank story, the resignation of chairman Sean Fitzpatrick and brief details of loan movements which led to his decision.
Since last night, chief executive David Drumm has also resigned, as has non-executive director Lar Bradshaw.
Gavin’s Blog asks some questions about the timing of Fitzpatrick’s announcements, and the various investigations and inquiries.
The current Phoenix also takes a look at the Bank, and it doesn’t make for comforting reading. Under the heading ‘Anglo Irish Bank now technically bankrupt’, the article outlines the bank’s fall from grace.
Shares which traded at €17 in April 2007 closed this evening at 35c. One hundred percent of its loans are secured on commercial property investment and development property. In addition, the bank loaned money to businessman Sean Quinn, which he effectively then used to buy shares in the bank.
Perhaps the most relevant observation came from Shane Ross, who said: ‘There’s a serious question has to be asked about the financial regulator. It is absolutely plain that the regulator knew about this much earlier this year – it appears he knew in January. What is the financial regulator doing?’