Brian Cowen (Laois-Offaly, Fianna Fail)

A meeting took place last March at which the governor indicated to me, as Minister for Finance, that a situation was developing in regard to the contracts for difference issue in Anglo Irish Bank. That had to be dealt with by the bank. It proceeded with that and Mr. Quinn made a statement on 13 July relating to it. It was indicated at that time that the matter had been resolved. I had no indication and no involvement whatsoever in names of any description. That was not my function. Nor do I have available to me information regarding the current investigation being undertaken by the Financial Regulator and the Director of Corporate Enforcement. That issue has arisen as a result of a due diligence that took place after the policy statement made in regard to recapitalisation.

In regard to the other matter, as I said, I received a telephone call in Japan from the Minister for Finance. His discussions with me at that time related to the need to proceed with the nationalisation on the basis of what was emerging in regard to directors' loans and other corporate governance issues which he said had been referred to the regulator. That is where it was at and there were no further details at that point.

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