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Banking Sector Issues

Dáil Éireann Debate, Tuesday - 9 July 2013

Tuesday, 9 July 2013

Questions (164, 165)

Pearse Doherty

Question:

164. Deputy Pearse Doherty asked the Minister for Finance his views on whether the members of the board of Anglo Irish Bank, who held position up to and post September 2008 failed in their responsibility to alert shareholders as to the financial difficulties that the bank was in. [33117/13]

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Pearse Doherty

Question:

165. Deputy Pearse Doherty asked the Minister for Finance if he has asked the former members of the board of Anglo Irish Bank, who were on the board in the run up to and after September 2008, to provide a comprehensive report on the affairs of the bank and an explanation of their actions and assessment of what happened. [33118/13]

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Written answers

I propose to take Questions Nos. 164 and 165 together.

The Office of the Director of Corporate Enforcement is responsible for the enforcement of breaches of company law and it is the function of the director of the ODCE to investigate if the former members of the Board of Anglo Irish Bank complied with their regulatory responsibilities and duties. As there are currently a number of court cases in relation to the responsibility of the Bank in relation to the share price, it would not be appropriate for me to comment on this matter as it could prejudice the on-going court cases.

It is the responsibility of the investigating body to request the former members of the Board of Anglo to explain their actions and provide a report on the affairs of the bank. I do not give instructions to the ODCE as it is not my role and it would not be appropriate for me to do so. There are a number of inquiries and investigations on-going into matters at Anglo Irish Bank. I am advised that these proceedings are suitably resourced but take a long time to progress due to the complexity of the cases.

The DPP has now issued proceedings against three former executives in Anglo Irish Bank in relation to various offences under the Companies Acts. It is hoped that these cases will be progressed through the Courts in the first half of next year. Due to the sensitive nature of those issues, it would be inappropriate for me or the bank to comment further at this time.

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