Anglo Audit Put Out To Tender; Ernst & Young Want It Back!

Ernst & Young wants to be rehired as Anglo auditor

Full Story - irishtimes.com/newspaper/finance/2009/0606/1224248175575.html

Further we today learn that managers in Anglo have “impaired loans” (rte.ie/news/2009/0609/angloirish.html). Were the existance of these loans disclosed in the Ernst & Young audited annual reports?

There was no particular obligation to disclose, unless the loans were of unusual materiality. A bank making loans to its own employees is largely regarded as within the ordinary course of business.

Yes, but we’re not talking about car loans or an overdraft facility here. According to RTE these were multi-million euro loans. On top of this there could be the likelyhood that the monies were used for projects that may have been also financed by Anglo or by clients of Anglo. Granted we do not know the specifics of these loans yet so this is only speculation.