The board of FBD Holdings plc has concluded an independent investigation into internal allegations made against its chief executive Fiona Muldoon.

In a statement released to the stock exchange this afternoon, it noted that “the allegations have not been upheld”.

Muldoon will continue in her role as chief executive “to develop the business of FBD for the benefit of customers, shareholders and staff with the full confidence and support of the Chairman and the Board" concluded the statement.

At the end of June, FBD notified the Irish Stock Exchange that it had launched an investigation into internal allegations made against its chief executive.

Muldoon also sits on the board of Bank of Ireland and was appointed CEO of FBD in October 2015. She was paid €1m last year from FBD, which included a bonus of €472,000.

Fairfax Financial, the Canadian investment firm, can soon exercise its option to take a 20% shareholding of FBD.