The chairman of Anglo Irish Bank has sharply criticised the level of suspicion with which entrepreneurs are treated within the regulatory regime, which he said amounts to "corporate McCarthyism".

Addressing the Experian annual business lunch yesterday, Sean Fitzpatrick warned that the onerous burden of compliance may shackle entrepreneurs and stifle economic growth.

"Having developed this marvellous entrepreneurial culture which is delivering so many benefits in terms of employment and wealth to the country, we must ask ourselves if there is now a danger that our regulatory environment has gone too far?" Mr Fitzpatrick asked. As well as the weight of compliance created by the various corporate regulations in place, he was particularly critical of the level of scrutiny and suspicion which entrepreneurs encounter, and the "apparent presumption of guilt" within the current regulatory structure.

The whole regime appears to be geared towards producing an annual "proof of innocence statement", he said. "This is corporate McCarthyism and shouldn't be tolerated."

The country's economic success is attributable almost entirely to its entrepreneurs rather than politicians.

He warned that politicians - and regulations - are in danger of stifling growth.

Entrepreneurs should be applauded for their achievements and their contribution to the economy rather than pilloried. The tide of regulation has gone far enough, he said. "We should be proud of our success, not suspicious of it," he continued.