Dáil Éireann Debate, Tuesday - 16 July 2013
203. Deputy Pearse Doherty asked the Minister for Finance the consideration that is being taken against the former directors and non-executive directors and officers of Anglo Irish Bank regarding their obligations under the Companies Acts in regard to reckless trading. [34250/13]
View answer204. Deputy Pearse Doherty asked the Minister for Finance if a director of Anglo Irish Bank was found to have acted in reckless or fraudulent manner that such a director or shadow director would be pursued in accordance with the Companies Acts and held personally liable for the debts of the bank in order to achieve some recovery and sanction in the public interest. [34251/13]
View answerI propose to take Questions Nos. 203 and 204 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 ongoing into matters at Anglo Irish Bank it would not be appropriate for me to comment further as it could prejudice the proceedings.
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.
The DPP has now issued proceedings against three former executives in Anglo Irish Bank in relation to various offences under the Companies Act’s. 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.
