Dáil Éireann Debate, Tuesday - 10 February 2009
183 Deputy Martin Ferris asked the Minister for Finance if PricewaterhouseCoopers was aware of loans to bank directors when it undertook its review of the banks in 2008 on behalf of the Government; and if he will make a statement on the matter. [4198/09]
View answerAs the Deputy is aware PricewaterhouseCoopers (PwC) were commissioned by the Financial Regulator to review the loan books and the capital position of six of the covered institutions as at 30th September 2008. The terms of reference did not specifically cover loans to directors.
PwC's work concentrated on a review of the top exposures which did not specifically include any loans to directors. As you are aware matters relating to loans to former directors are under investigation by the Financial Regulator and the Office of the Director of Corporate Affairs.
184 Deputy Martin Ferris asked the Minister for Finance if Anglo Irish Bank is giving more favourable terms to clients such as a person (details supplied) than it gives to ordinary customers. [4199/09]
View answerAnglo Irish Bank is being run on an arms length commercial basis. The terms applied to customers relate to the bank's normal ongoing business, and is accordingly a matter for the Board of Anglo. As with all financial institutions, Anglo Irish Bank is subject to regulation and supervision of its commercial activity by the Financial Regulator.
The Deputy will be aware that the Financial Regulator and the Office of the Director of Corporate Enforcement are currently conducting investigations into corporate governance issues at Anglo Irish Bank, including the terms of individual loans to individual Directors. It would not be appropriate for me to comment on or prejudge the outcome of these investigations.
