1) Irish Independent Pressure on watchdog to quit over €87m loan
Social and Family Affairs Minister Mary Hanafin said of the regulator: "I think there are questions about information he had over 11 months that wasn't acted upon or information that wasn't even given to the Minister for Finance until two days ago, particularly in the context of the past few weeks when there has been so much talk of recapitalisation of banks, of state guarantees and trying to protect the consumer. I think there are really serious questions and I don't know why that information wasn't given before now."
3) Irish Times
asked Financial Regulator Pat Neary to explain if he had told his own board about the FitzPatrick loans when they were finally unearthed in Irish Nationwide's accounts last January.
"Did he report his findings to his own board. If not, our system has totally failed," said Ms Burton.
Fine Gael finance spokesman Richard Bruton
said the affair raised "big questions" about the regulator's performance. It was "strange" that top bank executives would "self-destruct" in the face of the imminent publication of information that had been known to the regulator since January.
4) Irish Times
INDEPENDENT SENATOR Shane Ross told the Seanad yesterday that financial regulation in the State was a joke, and the regulator was ultimately responsible for that.
5) Irish Times
The revelations about Mr FitzPatrick’s loans have already resulted in the resignation of David Drumm, the bank’s chief executive and Lar Bradshaw, one of the non-executive directors. But any attempt to draw a line at this point would be both wrong and facile.
There must be accountability both inside and outside the bank. The bank’s internal audit, external audit and corporate governance systems have all failed. Responsibility for this lies collectively with the board. The Financial Regulator
must also account for how Mr FitzPatrick’s activities went undetected for seven years and his anaemic response
to the matter when it was uncovered.
Meanwhile, John Gormley
said the Financial Regulator needs to explain comprehensively what would appear to be his extraordinary complacency in the face of events at Anglo Irish Bank.
The Minister for the Environment said that to most ordinary people what occurred there was unacceptable and fills them with disgust.
7) Irish Independent
The pressure on Mr Neary to resign even emanated from the Government parties.
chairman Senator Dan Boyle
said the affair did beg questions about financial regulation in the banking system.
"I believe the regulatory body, as a collective organisation, needs to look at its position," he said.
Yesterday Michael Moynihan TD (FF), the chairman of the Oireachtas committee on economic and regulatory affairs, said if the regulator knew about hidden loans from January and did not tell Minister Lenihan, it was "extremely serious".