Brian Lenihan Jnr (Dublin West, Fianna Fail)

On my appointment as Minister for Finance last May, my Department advised me of the existence of the contract for difference regarding the Quinn position in Anglo Irish Bank. I was advised that the existence of this contract for difference, which Mr. Quinn had not committed himself at that stage to purchasing, was a serious threat to the stability of the bank and that the Department had been in communication with the regulator and the Central Bank to ensure that this matter was unwound as soon as practicable. Beyond that, I was not furnished with any information of a written character about this issue, other than it was a critical issue for the share price of the institution. Subsequently, I was advised in late July that a group of investors had invested in Anglo Irish Bank to resolve these problems and that legal advice obtained by the bank indicated that the transaction was compliant. This is the extent of my knowledge of these matters.

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