Bob Young, managing director of Capital Home Loans Ltd (CHL), has left the lender.

Young (pictured) has been succeeded by Gerry Hickey as managing director designate, subject to regulatory approval.

Four other members of the local management team have also resigned, the lender told the Irish Stock Exchange.

The industry is rife with speculation that the five will be setting up a new lender although there is nothing to substantiate these rumours.

Hickey is the current risk and credit director at CHL.