Dáil Éireann Debate, Tuesday - 10 February 2009
192 Deputy Richard Bruton asked the Minister for Finance if he or the regulator was aware of the degree of concentration of Anglo Irish Bank’s loan book when he announced the decision to nationalise the bank; and if he will make a statement on the matter. [4294/09]
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 summary PwC report which I received from the Governor of the Central Bank in November 2008 provided a detailed sectoral and geographic breakdown of the loanbooks in each of the institutions.
193 Deputy Richard Bruton asked the Minister for Finance if he or the Financial Regulator had been informed of recent changes to the terms of the security of loans issued by Anglo Irish Bank prior to his announcement of the decision to nationalise the bank; and if he will make a statement on the matter. [4295/09]
View answerThe Financial Regulator and the Office of the Director of Corporate Enforcement are currently conducting investigations into certain issues at Anglo Irish Bank. These investigations were ongoing prior to the decision to nationalise Anglo Irish Bank, and I was appraised of this.
A due diligence inquiry was conducted on my behalf, in December and early January, as part of the then proposed recapitalisation of Anglo. This due diligence process, on which I was kept informed, also identified various issues which are now under investigation by the Financial Regulator and the Office of the Director of Corporate Enforcement.
It would not be appropriate for me to comment on or prejudge the outcome of these investigations.
194 Deputy Richard Bruton asked the Minister for Finance if he or the Financial Regulator had investigated the circumstances surrounding loans issued by Anglo Irish Bank in the summer of 2008 for the purchase of shares in Anglo Irish Bank prior to his announcement of the decision to nationalise the bank; and if he will make a statement on the matter. [4296/09]
View answerThe Financial Regulator and the Office of the Director of Corporate Enforcement are currently conducting investigations into corporate governance issues at Anglo Irish Bank. These investigations were ongoing prior to the decision to nationalise Anglo Irish Bank, and I was appraised of this.
A due diligence inquiry was conducted on my behalf, in December and early January, as part of the then proposed recapitalisation of Anglo. This due diligence process also identified the issues mentioned by the Deputy which are now under investigation by the Financial Regulator and the Office of the Director of Corporate Enforcement.
It would not be appropriate for me to comment on or prejudge the outcome of these investigations.
