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“They can also be assured that they can and should continue transacting with Anglo as normal and there is no need for customers to take any steps as a result of this announcement. Anglo Irish Bank will communicate directly with all customers in the coming days," said Mr Lenihan.

The Irish Stock Exchange and the UK Listing Authority will announce that Anglo shares are suspended from listing before markets open this morning.

Mr Lenihan added:"Customers of all financial institutions can have confidence that the wider financial system in Ireland remains well capitalised and liquid and that the Irish authorities will be proactive to ensure that their interests are protected and their deposits and debts are secure.”

Mr Lenihan added that the Government "remains fully committed" to the recapitalisation proposal already announced in relation to two other banks, AIB and Bank of Ireland.

The announcement was preceded by scathing remarks from the financial watchdog about Ireland's banking culture.

Joe Meade, the Financial Ombudsman, said it was no wonder that customer complaints had soared by a third in the past year.

"If this was the culture under which the highest management operated, isn't it any wonder that complaints to my office increased by 36 per cent last year."

Mr FitzPatrick admitted transferring his loans to another institution, believed to be Irish Nationwide, to keep the borrowings off the Anglo Irish balance sheet.

The value of the loans exceeded €87 million at times during an eight-year period between 2000 and 2007.

The Ombudsman said it appeared the money had been moved around without the knowledge of the Anglo Irish board, shareholders and the public.

"I am like any other member of the public, and I found it incredibly hard to believe that it happened," Mr Meade said.

Anglo-Irish last night said it was adjourning an EGM of shareholders in Dublin's Mansion House due to take place today (FRI) to approve the Government's €1.5 billion recapitalisation plan to rescue the institution.

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