Dáil Éireann Debate, Tuesday - 7 April 2009
49 Deputy Lucinda Creighton asked the Minister for Finance if he, as the sole member and shareholder of Anglo Irish Bank, has sought assurances from the bank or from individuals and entities involved in loan transactions of an amount greater than €250 million that were sanctioned in the period of 15 November to 31 December 2008 from the bank, that these amounts will be repaid; and if he will make a statement on the matter. [14200/09]
View answerAs the Deputy will be aware, Anglo Irish Bank is being run on an arms length commercial basis. Consequently, normal commercial matters, which include those relating to credit management and control, are a matter for the Board of Anglo.
I would point out that the terms applying to debtors of Anglo Irish Bank were unaffected by the decision to take Anglo into public ownership. As with any commercial bank, Anglo will pursue all loan agreements to their full extent, to maximise the return from the bank's loan book.
50 Deputy Lucinda Creighton asked the Minister for Finance if there were unusual transactions of a significant amount involving Anglo Irish Bank in the period from 1 to 21 January 2009; and if he will make a statement on the matter. [14201/09]
View answerAs the Deputy will be aware, the Government took the decision to take Anglo Irish Bank into public ownership with effect from 21 January 2009, in order to stabilise the bank and ensure financial stability. This took place in a context where Anglo's funding position had weakened and unacceptable practices in the bank had caused serious reputational damage at a time when overall market sentiment towards Anglo was negative. The Government's decision to take Anglo into public ownership was taken as a final step only after the alternatives for stabilising the position of the bank had been pursued.
Certain matters relating to corporate governance at Anglo prior to its being taken into public ownership, are now the subject of ongoing investigations, including by the Financial Regulator and the Office of the Director of Corporate Enforcement.
As I have stated previously, it would not be appropriate for me to comment on or in any way prejudge the outcome of these investigations. However, if the Deputy has information in relation to particular transactions at Anglo Irish Bank which may give cause for concern, I am of course disposed to referring such matters to the Board of Anglo, or the relevant statutory authority, as appropriate, for review.
