Arthur Morgan (Louth, Sinn Fein)

I support this excellent amendment. One of the reasons is that it offers the Government an opportunity to tell us exactly where it stands. Does it stand on the side of ordinary small investors such as those we have seen on television attending the EGM on Friday last? Alternatively, does it stand with the Seánie Fitzes of this world and those in his gang who have been dealing with other people's money in the way they have for some considerable time? If the Minister is not going to accept this amendment, there is an obligation on the Government to tell us how it will deal with this issue. Will it send somebody after the Seánie Fitzes of this world? Will the Criminal Assets Bureau be called in? Clearly this is an excellent opportunity for the CAB to examine what exactly went on. Will the former chairman of Anglo Irish Bank be pursued for the amount outstanding on the loan, which I think is €82 million? Will the Government seek to have this repaid? Perhaps we could have some clarification on that matter.

There is no doubt in my mind — I expect the Minister would agree — that this is Ireland's Enron. However, the difference is that with Enron, investigators were sent after the characters involved to bring them in and deal with them. There is no sign of that happening on this occasion. We are hearing about the Office of the Director of Corporate Enforcement, but why not the Garda fraud squad? Why not the CAB? Why not adopt this amendment, which sets up an inspector to go after these characters and examine their activities — not just in Anglo Irish Bank but also in other banks — and try to get to the bottom of this matter once and for all?

We have all, including myself, alluded to the substantial investors, property speculators and so on who are clearly embedded in this bank. However, there was another level of investors, whom we saw recently on our TV screens. Pensioners, for example, who had invested in this bank as their pension, are now sitting in the cold in the evening, perhaps with not enough money to heat their houses as a result of what has happened. I accept, as does everybody else, that when one invests in a bank or anything else one is taking a chance, but one should be taking a well-informed chance. In this instance, investors were positively and actively misled. They were told they were backing a fine filly when in fact they were backing a plough horse or a mare which was in foal and stood no chance of getting to the end of the course. That is not fair or reasonable and it is not right.

I agree with the previous speaker, Deputy Lynch, and ask the Minister whether he intends to bring in legislation to fill these loopholes if there is not already sufficient legislative provision to deal with them once and for all. In addition, perhaps he would address the issue of the auditors, which has not been mentioned by any Government spokesperson to date. Auditors have a legal obligation to pursue these matters. There is always the qualification in the last sentence, which states "the information provided to me". However, the auditors have an obligation to try to establish as far as possible that the information given to them was accurate and reasonable. Perhaps the Minister would comment on this issue and on how the auditors might be held to account in this case. This is an obvious case of corruption at several levels. It is a matter of tying it down, pointing out exactly who was involved and holding those people to account before the courts. That needs to happen soon.

With regard to the overall content of the Bill, my view is that it is the right move but the wrong bank. Anglo Irish Bank is a hopeless, poisoned institution and I do not believe it can ever be fixed.

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