Dáil Éireann Debate, Tuesday - 16 July 2013
202. Deputy Pearse Doherty asked the Minister for Finance why the audited accounts prepared by Ernst and Young for Anglo Irish Bank for the year ending 30 September 2008, signed off on by Mr. Alan Dukes and others in February 2009, one month after the bank's nationalisation, did not reflect the serious and fatal liquidity crisis revealed in the disclosures from the Anglo tapes that clearly existed in Anglo Irish Bank from March 2008 onwards. [34249/13]
Amharc ar fhreagraI refer the Deputy to his Parliamentary Question - 163 - of Tuesday, 9th July. The audited accounts of Anglo Irish Bank for the year ended 30 September 2008 reported that the bank was not insolvent at that time. However, it is now clear that the full extent of the evolving problems in global financial crisis or the property market were not envisaged in any assessment of the bank at that time. In the course of 2009/2010 the extent of the problems became clear and the level of impairments on assets increased substantially necessitating further injections of capital to sustain the capital position of the bank. In terms of the liquidity issues being encountered by the Bank in 2008, the Deputy will be aware that a State guarantee was put in place on 29 Sept 2008 which included Anglo Irish Bank.
