Banks Recapitalisation

Dáil Éireann Debate, Tuesday - 1 February 2011

Tuesday, 1 February 2011

Questions (19)

Michael D. Higgins

Question:

125 Deputy Michael D. Higgins asked the Minister for Finance if there have been any further in camera court proceedings since 23 December 2010 concerning any aspect of the injection of State funding into any bank in the State; and if he will make a statement on the matter. [4548/11]

Written answers

Minister for Finance (Deputy Brian Lenihan)

On 23 December 2010 an application was made to the High Court for a Direction Order under section 9 of the Credit Institutions (Stabilisation) Act 2010. No additional applications have been made under the Act since that date. The power to apply to the High Court for a Direction Order will remain in place until 31 December 2012, as provided for in the Credit Institutions (Stabilisation) Act 2010. Under the terms of the Act, an application to the Courts for a further Direction Order can only be made if the Minister for Finance, after consulting with the Governor of the Central Bank, considers it necessary for achieving the purpose of the Act specified in the proposed Direction Order.