Accountancy watchdog seeks to widen inquiry into Anglo Irish

by Accountancy Age

26 Mar 2009

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An accountancy watchdog has asked former comptroller auditor general John Purcell to widen his inquiry into Anglo Irish Bank to include the €7.45bn (£6.87bn) in deposits transfers between the bank and Irish Life & Permanent, the Irish Times reported.

Purcell will also investigate the performance of the bank’s auditors, Ernst & Young, the newspaper said.

The regulatory board of the Institute of Chartered Accountants in Ireland appointed Purcell last month to investigate matters at Anglo to see whether there were any breaches of its rules by members.

The complaints committee of the Chartered Accountants Regulatory Board had already asked Purcell to examine issues surrounding directors’ loans and other matters at Anglo, the Irish Times said.

Purcell has now been asked to extend his investigation to examine other issues, including the short-term deposits lodged by Irish Life & Permanent through its subsidiary, Irish Life Assurance, with Anglo last September, the paper added.

He will also examine loans of €451m provided by Anglo last year to a group of 10 customers to buy 10% of the bank’s shares indirectly held by businessman Seán Quinn.

Further reading:

Ernst & Young Anglo Irish Bank audit criticised

Overview: Anglo Irish Bank scandals

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