Sean Fitzpatrick, Chairman of Anglo Irish Bank, has resigned tonight in a controversy over directors' loans.
In a statement released this evening, Mr Fitzpatrick said his resignation related to an €87m loan he had from the bank.
Minister for Finance Brian Lenihan has welcomed the appointment of Donal O'Connor as the new chairman of the bank.
The Minister said that Mr O'Connor, who has a substantial and impressive commercial track record, seems a natural choice to lead this financial institution in what is a challenging period for all financial institutions.
Minister Lenihan said Anglo Irish remained covered by the banking guarantee.
He said he was disappointed at the circumstances surrounding Mr Fitzpatrick's departure and said it was important corporate governance was upheld.
He added the Government was making progress on recapitalising the banks.
