Brian Cowen (Laois-Offaly, Fianna Fail)

As the House is aware from news reports, this morning the Garda Bureau of Fraud Investigation was involved in an investigative operation in Anglo Irish Bank under the direction of the Director of Corporate Enforcement. Any such investigation is a matter for the Garda Síochána and the Office of the Director of Corporate Enforcement; the Government does not intervene in such investigations.

The following information has been made available by the Office of the Director of Corporate Enforcement, ODCE, in respect of the operation. A Garda officer seconded to the ODCE obtained a search warrant from a judge of the District Court yesterday. This warrant was executed today in accordance with the powers given to the director under section 20 of the Companies Act 1990, as amended. The search was led by Garda officers who are seconded to the ODCE. They were assisted by other officers attached to the Garda Bureau of Fraud Investigation and by ODCE staff. The purpose of a search under section 20 is to acquire books, documents and other materials which may provide evidence of or relating to one or more suspected offences under the Companies Acts. For operational reasons, the director will not be disclosing the suspected offence or offences in question, the premises searched or the name of the company to which the search relates. The director will be making no comment on the matter at this stage.

I have consistently made clear that the proper statutory bodies were investigating what occurred at Anglo Irish Bank and that the Government would do nothing to prejudice subsequent possible criminal or civil proceedings. We must allow this investigation. In that context, I do not wish to say anything which might prejudice future civil or criminal actions. It is important to stress that customer deposits are fully covered by the guarantee. When the bank was nationalised, it was made clear that it would continue to be run as a going concern. All Members have an obligation to aware of the damage that inaccurate and inflammatory statements or speculation can do to the levels of confidence shown in Ireland by international financial institutions.

The issues which arose during the due diligence process and which were referred to the Director of Corporate Enforcement are being investigated by him. It is the view of the chairman, board and management of Anglo Irish Bank that there should be full co-operation with the officers who have the statutory and independent authority to deal with this matter.

The signal which needs to be sent out is that this matter is being investigated by the requisite authorities and that it is being pursued; that any suggestions to the contrary last week or at any other time are without foundation; and that there is a necessity to ensure we proceed with the reform of regulatory structures in order to instil public confidence. The Minister for Finance has indicated that he intends to bring proposals in that regard before the Government in the near future. This will be extremely beneficial in ensuring that people understand that it is the view of everyone inside and outside the House that we should have a reputable and properly functioning system. That latter will ensure that the principle of accountability will apply and that, if appropriate, the full rigours of the law will be applied.

See this speech in context