As the Deputy may be aware, as a condition of EU State aid approval for the provision of €4bn in capital to Anglo Irish Bank, the bank is not permitted to engage in new lending except to existing customers for existing projects. Capital was provided to Anglo to protect the economy from the wider losses that would have occurred in the event of a failure of the bank, to protect the deposit base of the bank, and to prevent the bank becoming a systemic threat to the financial system.
The current position on new lending by Anglo enables the bank to lend to provide for the completion of existing projects and to allow existing customers to reduce their indebtedness, thereby protecting the bank's asset quality. Any change from this position will be a matter for consideration as part of the process of agreeing a restructuring plan for Anglo. The bank is operating within the parameters of the EU State aid decision and the terms of the subscription agreement for the capital provision, and I have no involvement in the day to day issues.
The specific figure for approvals of working capital by Anglo since nationalisation is commercially sensitive and can not be disclosed at this time. As with other financial institutions, detailed information on Anglo's financial position is published in the bank's annual and half-year accounts. Anglo is currently finalising a restructuring plan, which will examine all options for the future of the bank, and which will set out the future strategy for the bank. The restructuring plan will be submitted by the end of November to the European Commission for consideration and approval in line with EU State aid requirements.
