Dáil Éireann - Volume 675 - 18 February, 2009

Written Answers. - Banking Sector Regulation.

Deputy Noel J. Coonan asked the Minister for Finance if he is satisfied that all material information relating to the risk to the taxpayer arising from the nationalisation of Anglo Irish Bank were fully shared with the Houses of the Oireachtas. [6224/09]

  Deputy Brian Lenihan: The Government’s interventions in the banking system have always been guided by the principle of providing for the stability of the banking system and protecting taxpayer’s interests. Indeed, the nationalisation of Anglo Irish Bank was a manifestation of this principle.

As I have indicated previously, the decision to nationalise Anglo was taken following the weakening of its funding position and unacceptable corporate governance practices which caused the bank serious reputational damage.

As Minister for Finance, I am in possession of detailed information on the bank, arising from the original PriceWaterhouseCoopers report commissioned by the Financial Regulator and the Due Diligence exercise carried out on my behalf in early January. Much of this information is commercially sensitive, related to customers of the bank, or is the subject of an investigation by a statutory authority.

The decision to nationalise Anglo Irish Bank was recommended to me by the Central Bank, the Financial Regulator, the NTMA and my legal and financial advisors.