Joan Burton (Dublin West, Labour)

I understand that the Financial Regulator and the Department of Finance were aware from late 2007 and early 2008 of the issues relating to Seán Quinn and that there were grave concerns about the Quinn family group of companies and the contracts for difference. However, there were also difficulties with Anglo Irish Bank and the fact that it was being problematic. Would the Minister confirm that those difficulties became acute and that he was briefed on them by his officials on taking office? In that context, when he asked us in the Dáil on 29 September — the day before Anglo Irish Bank's year end, as I pointed out then — to guarantee €440 billion of deposits, was there somebody somewhere in the bowels of the Civil Service, the Irish Financial Services Regulatory Authority, the Central Bank or the Government who cast an eye over the quality of those deposits, as well as the quality of the assets and the lending to construction firms for development?

The amount involved was €7 billion. It seems to have come in two lumps of €3 billion and €4 billion. Did they amount to 3% of the bank's commercial deposits? They did not come from ordinary customers. The Minister stated that Anglo Irish Bank put money in Irish Life & Permanent. Did that, therefore, also create a deposit of €7 billion in Irish Life & Permanent to inflate that bank's balance sheet? That money went bank onto the balance sheet of Anglo Irish Bank through a company of Irish Life & Permanent. Who owned this company or what was the company vehicle? How come the board of Irish Life & Permanent received €7 billion and then a company connected to Irish Life & Permanent — possibly a subsidiary — sent the money back? That actually amounts to €14 billion which was guaranteed that week by the Government. Did the Minister not actually check that?

He did not read the report in full. Why was the report on Anglo Irish Bank not red letter reading? This was the bank about which everybody was most worried. Why did the Minister not sit down and read the report, and then have a thorough briefing on every angle from his officials? We know he was under pressure, but this was the bank that set all the alarm bells ringing.

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