The Irish Times also quotes from the statement by the Bank of Scotland -

In a Bank of Scotland (Ireland), statement last night Mr Flynn said: "I am guilty of no wrongdoing, but the bank and I have decided that it is best I step down from my position as non-executive chairman with immediate effect in order to ensure Bank of Scotland (Ireland) is not affected by recent publicity."

In the Irish Examiner report he states that he was co-operating with the Gardai and had handed over all files in relation to Chesterton Finance, the Cork-based finance company which has been at the centre of the the garda investigation into money laundering, to the Criminal Assets Bureau.

Mr Flynn, a former vice-president of Sinn Féin, also resigned as chairman the Irish Government's decentralisation committee and as a board member of the VHI.

The Daily Ireland report claims that he was "Caught in the Crossfire", and states that "Mr Flynn has been a strong supporter of the Daily Ireland project since its inception though he does not serve as a director", although it is already a little out of date with some of the details and doesn't offer any further details of his actual role, Flynn and Daily Ireland.