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Uncovering what KPMG knew about FitzPatrick loans

16th May, 2009

Irish Nationwide Building Society auditors took the unusual step of commenting about Sean FitzPatrick’s loans with the society when they addressed its annual general meeting last week. Transparency demanded that they say something. Unfortunately, transparency is not going as far as some would like.

KPMG said it warned the society in February 2008 about the reputational risk associated with the extensive loans Irish Nationwide effectively warehoused for the former Anglo Irish Bank chairman.

Given...

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