The fallout from last week’s resignations at Irish Life & Permanent continued with the bancassurer’s credit rating downgraded and its main trade union warning it had no confidence in management.

The resignation of Denis Casey as chief executive – together with the finance director and head of group treasury – followed revelations IL&P had provided €7.45bn (£6.6bn, $9.38bn) in deposits to Anglo Irish Bank in the days running up to the bank’s financial year-end.