The Minister for Finance has announced the resignation of Donal O’Connor as chairman of Anglo-Irish Bank.

He is being replaced in the position by another existing board member – Alan Dukes.

The development means the only directors on the board of the State owned bank have been appointed by the government.

Minister Brian Lenihan also says he’ll be making further appointments to the Board in the near future.

Newstalk’s Business Editor Conor Brophy says today’s development won’t come as a surprise – but a question mark still remains over the bank’s future.

“As the government appointed director to the board following the Anglo nationalisation in 2008, Alan Dukes has been the public face of the institution since then effectively, and was the obvious choice to take over as chairman when Donal O’Connor stepped down” he said.

“The question is what is he chairman of at this point?”

“Is the bank ever going to be resuscitated, or is it just going to be wound down” he added.