The internal auditors at Anglo Irish Bank are to appear before the Oireachtas Joint Committee on Economic Regulatory Affairs next Tuesday to discuss recent developments at the bank.
'The purpose of this meeting is to examine the auditing and accounting processes which were in operation at the time of the difficulties arising in Anglo Irish Bank, to determine how the difficulties arose and to investigate how the regulatory and auditing system failed,' said Michael Moynihan, chair of the Committee on Economic and Regulatory Affairs.
'Trust is a key fundamental in the stability and proper functioning of our financial services system and, unless we get to the bottom of what happened at Anglo Irish Bank, that trust in our banking sector may be irreparably damaged.'
He said that the controversy surrounding directors' loans at Anglo Irish Bank - in particular the €87 million in loans that Anglo's former chairman Sean FitzPatrick had avoided disclosing in bank's annual accounts over an eight-year period - has been enormously damaging to Ireland's international reputation as a place to do business.
He said the committee will be looking for a comprehensive explanation of the events at Anglo Irish Bank.