Panama Papers force resignations of leading bankers across Europe

Bank of Ireland is yet to comment on a mortgage given to Frank Flannery which was mentioned in the leak

Panama Papers force resignations of leading bankers across Europe

File photo of Euro notes and coins | Image: Niall Carson / PA Wire/Press Association Images

The ripple effect of the leaked documentation from the Panamanian law firm, Mossack Fonseca has triggered the resignation of two European bankers.

The Dutch Banking Group, ABN Amro last night announced the resignation of supervisory board member, Bert Meerstadt, after his name appeared in the leaked records as a shareholder in a British Virgin Island company in 2001.

Meanwhile, in Austria, the Chief Executive of one of that country’s regional Banks, Vorarlberger Landes Und Hypothekenbank, Michael Grahammer, stepped down in response to links in the documents to offshore companies associated with a Russian billionaire.

Britain’s financial regulator, FINMA, has written to banks and other financial institutions in the UK directing them to disclose any ties to Mossack Fonseca.

Meanwhile, Bank of Ireland has declined to comment on the leaked documents that suggest its Private Bank in London used a British Virgin Island registered company as part security for a mortgage provided for former Fine Gael strategist Frank Flannery in London in the 1990s.

Mr Flannery says he has no knowledge of the company or why it would have been used in that way.