However, NAMA attaches no value to these personal guarantees. Of the €36.5 billion of loans not being transferred to NAMA, Anglo Irish Bank has taken a provision of €4.9 billion. The article in The Times notes that Anglo Irish Bank has large exposures to entrepreneurs such as Seán Quinn of Quinn Group and Barry O’Callaghan, of EMPG. In both cases, the bank's security was limited and largely on the men's shares in businesses. The provision of €4.9 billion compares with impaired loans of €9.5 billion at the end of December 2009. Loans to directors scandal Chairman Sean FitzPatrick, CEO David Drumm, and board member Lars Bradshaw resigned in December 2008, following the revelation of a loan scandal. FitzPatrick and Bradshaw had taken out loans in order to purchase Anglo Irish shares. From 2000 to 2008, FitzPatrick transferred the loans to another bank prior to year-end audits, thereby causing "Loans to Directors" to be understated. In 2008, the loan to FitzPatrick and Bradshaw amounted to €87 million; the transfer resulted in the accounts showing only about €40 million outstanding to directors, instead of €150 million. The Central Bank of Ireland revealed that they became aware of problems surrounding loans from Anglo Irish Bank to FitzPatrick, following an inspection earlier in 2008. The regulator said, "While it does not appear that anything illegal took place in relation to these loans, the Central Bank of Ireland was of the view that the practices surrounding these loans were not appropriate. As a result, we continued to monitor and investigate this and as part of this process we advised Anglo-Irish Bank to ensure that these loans are reported in the annual accounts for 2008." The Financial Regulator resigned in January 2009 under pressure to do so. In February 2009, Gardaí from the Bureau of Fraud Investigation raided the offices of Anglo Irish Bank. In Anglo Irish Bank's 2009 Annual Report it lists loans to former directors totalling €155.8 million at the end of December 2009 versus €178.7 million at the end of September 2008. Whereas no provisions for impairment had been taken in September 2008, in the 2009 annual report, an impairment charge of €108.9 million was reported, implying a potential loss of 70% of the value of the loans to former directors. However, the total loans to directors, former directors and "connected persons" was reported to be significantly higher at €255 million in the