Dáil Éireann Debate, Tuesday - 19 January 2010
270 Deputy Michael McGrath asked the Minister for Finance his views on the progress of the investigations into certain transactions at Anglo Irish Bank; if he is satisfied with the progress and pace of these investigations; and if he will make a statement on the matter. [1308/10]
View answerAs the Deputy will be aware, several regulatory bodies are carrying out investigations of behaviour at Anglo Irish Bank including in particular, the Office of the Director of Corporate Enforcement, the Garda Fraud Office and the Financial Regulator.
While the agencies involved are independent in carrying out their functions, I understand that the investigations are proceeding satisfactorily and that considerable resources are being committed to the investigations, with a view to bringing these to completion as soon as possible.
In the case of the director of corporate enforcement, for example, considerable resources are committed to the investigations. I am informed that the investigation into Anglo Irish Bank is a primary focus of ODCE work at this time. I understand that some 16 full-time equivalent staff (or one-third of available personnel in the ODCE) are now supporting this investigation. These staff include gardaí and staff with accounting, administrative, IT and legal expertise.
However, investigations of this nature are by definition complex, and in particular the acquisition of potential evidence in such large-scale commercial investigations is a painstaking process. It is, of course, essential that each investigation proceeds fully and comprehensively to conclusion so that any wrong doing identified at Anglo on foot of these investigations can be fully and appropriately pursued, in accordance with the law.
The various regulatory bodies will make their reports in due course and I am of course anxious that these investigations are completed as swiftly as possible.
