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Anglo Irish shareholders dismayed by loans to directors

Anglo Irish bank, which was recently nationalised by the Irish government, is this evening at the centre of a potentially enormous financial scandal. The bank was on the verge of collapse earlier this week and the Irish government was forced to move in and nationalise the business for the foreseeable future. While the Irish authorities received much praise from the international community there are concerns that taxpayers are bailing out a company which has apparently forwarded a number of secret loans to its directors.

While loans to directors of a company are not illegal they do need to be verified and publicly entered in the company's records. However, it would appear that the figure involves a total of around €179 million of which €84 million is said to have been loaned to one director.

While this would appear very much to be a one-off situation, the Irish government's claim that it is "business as usual" has been very much shot down. It is vital that the scandal is not allowed to fester in the medium to longer term as this will drive down confidence in the overall sector and potentially put serious pressure on the remaining Irish banking community.

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