"I had deferred a decision about my retirement until the report of the committee of the authority examining the internal communication of matters relating to loans to directors of Anglo Irish Bank Corporation plc was concluded.

So far as I am concerned, I was not advised of any such matters in early 2008 and there has been no oral, written or e-mail escalation of these issues to me or to the authority over the period until the matter was raised with me by the Minister on 10th December 2008. I am proud of my distinguished career spanning almost 40 years as a public servant who acted at all times in the public interest and it was a great honour for me to serve as chief executive of the financial regulator.

In taking my decision to retire now, I am conscious of the need to uphold the good standing of the regulator and public confidence in it, especially at a time of great financial turbulence, which is challenging all regulators worldwide. I am grateful for the strong, professional and dedicated commitment to public service by all my colleagues and staff at both the regulator and the Central Bank and I wish them and my fellow members of the authority the very best in their future endeavours.

My retirement will take effect from 31st January 2009 and means that I will step down both as a member of the board of the authority and also as a member of the board of the Central Bank and Financial Services Authority of Ireland at that time."