Tuesday, 2 July 2013

Questions (99)

Gerry Adams

Question:

99. Deputy Gerry Adams asked the Minister for Finance if he has considered freezing the issuing internationally of the converted promissory notes, currently held at the Central Bank, pending an investigation into the handing of these notes to Anglo Irish Bank and Irish Nationwide, with a view to destroying the bonds if it is found that the promissory notes were issued on the basis of fraudulent and misleading information. [31858/13]

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Written answers (Question to Finance)

As the Deputy will be aware the Promissory Notes were replace with a portfolio of Irish Government Bonds in February 2013. The Promissory Notes were returned to the Department of Finance and cancelled at that time. As part of the transaction the Central Bank committed that the bonds would be sold in accordance with an agreed schedule and only where such a sale is not disruptive to financial stability. As the bonds are now legally owned by the Central Bank it would not be possible for me to freeze those bonds. I am deeply disturbed and outraged by the taped conversations involving Anglo executives in 2008 and dismayed to hear senior banking executives refer to the banking crisis with such arrogance. As the Deputy will be aware, there are a number of on-going criminal and other investigations into events in Anglo Irish Bank which will deal with these matters. The Government is determined to ensure the public is informed about what happened in Irish Banks and has published the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Bill which, once enacted, will provide the legal framework for a banking inquiry to be held within the current constitutional parameters.