Corporate Governance

Dáil Éireann Debate, Wednesday - 7 May 2014

Wednesday, 7 May 2014

Questions (150, 151, 152, 153)

Stephen Donnelly

Question:

150. Deputy Stephen S. Donnelly asked the Minister for Justice and Equality following the conclusion of the recent trial of three former Anglo Irish Bank executives, his views that corporate governance law in the State needs to be strenghtened following confirmation that €450 million was provided on extraordinarily advantageous terms, in loans by an Irish bank to borrowers in order that they buy the bank's own shares, and six years after the commission of this crime, only two individuals have been convicted, who currently face community service sentences and-or fines of up to €6,000; and if he will make a statement on the matter. [20429/14]

Stephen Donnelly

Question:

151. Deputy Stephen S. Donnelly asked the Minister for Justice and Equality following the conclusion of the recent trial of three former Anglo Irish Bank executives, where the judge characterised the maple ten borrowers as certainly good men and acting with good motives, his views on whether corporate governance law in the State needs to be strengthened so that borrowers offered loans by a company on extraordinarily advantageous terms to buy shares in that company should be held criminally liable if they accept such lending; and if he will make a statement on the matter. [20430/14]

Stephen Donnelly

Question:

152. Deputy Stephen S. Donnelly asked the Minister for Justice and Equality following the conclusion of the recent trial of three former Anglo Irish Bank executives, if he will provide an estimate of the financial cost of the Garda investigation into the unlawful maple ten lending and lawful Quinn lending which supported the price of shares in Anglo Irish Bank. [20431/14]

Stephen Donnelly

Question:

153. Deputy Stephen S. Donnelly asked the Minister for Justice and Equality following the conclusion of the recent trial of three former Anglo Irish Bank executives, if he will provide an estimate the number of Garda man years expended in the Garda investigation into the unlawful maple ten and lawful Quinn lending which supported the price of shares in Anglo Irish Bank. [20432/14]

Written answers

Minister for Justice and Equality

I propose to take Questions Nos. 150 to 153, inclusive, together.

I am advised by the Garda authorities that the recent trial referred to resulted from one strand of the investigations into Anglo Irish Bank. These investigations contain several such strands and between 2011 and 2013 investigation files in relation to all strands have been submitted to the Director of Public Prosecutions (DPP) by the Office of the Director of Corporate Enforcement and the Garda Bureau of Fraud Investigation. I am advised that, as there are several strands of investigation involved, it would require a disproportionate amount of Garda time and resources to estimate the amount of Garda time involved or the others costs referred to by the Deputy. As regards the legislative and corporate governance issues referred to, I can inform the Deputy that legislation with respect to banking and company law are matters for my colleagues the Minister for Finance and the Minister for Jobs, Enterprise and Innovation respectively. With respect to the Deputy's reference to comments made by the judge in the case in question, I am sure he will appreciate that the courts are, subject only to the Constitution and the Law, independent in the exercise of their judicial functions and it would be inappropriate for me to comment on the conduct of this or any other case.