Brian Lenihan Jnr (Dublin West, Fianna Fail)

I immediately insisted that the matter be reported back to me by the board of the bank. As Deputies will be aware, that board was reconstituted immediately following the bank's nationalisation. The board indicated to me that it intended to put the matter into the public domain with its annual report. That is the position in respect of this matter.

I agree with Deputy Ó Caoláin that if the necessary investigations now being undertaken by the Financial Regulator and the Office of the Director of Corporate Enforcement disclose wrongdoing of a civil or criminal character, these must be pursued. If they disclose civil wrongdoing, in respect of which I am aware the board of the bank is taking legal advice, those who as a result owe money to the bank must be pursued. If criminal misconduct is disclosed as a result of the investigations of the Office of the Director of Corporate Enforcement, criminal proceedings must and will be taken. As Deputies will appreciate, that office has a very good record in the prosecution of corporate crime. In regard to this and other transactions at Anglo Irish Bank, all these matters have to be investigated and the director himself makes these decisions. Neither the Government nor this House can direct the taking of a prosecution in this country. It is the responsibility of the director to do that. It is also his responsibility to determine whether it is appropriate to ask the High Court to appoint an inspector to investigate the circumstances of the bank generally. Were he to so decide, naturally I have reviewed the legislation with the Tánaiste and any legislative amendment necessary to facilitate a more extensive investigation would be enacted. However, it is not my function nor is it the function of the Government or this House to direct the director to take a prosecution or to apply to the High Court for the appointment of an inspector. Clearly, if these steps are warranted they must be taken and any wrongdoing at this bank must be pursued to the ultimate degree.

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