Martin Mansergh (Tipperary South, Fianna Fail)

In addition, Anglo Irish Bank has recently submitted its restructuring plan to the European Commission. The plan considers all options for the future of the bank and a detailed evaluation of the plan is now under way. The process will involve extensive consultation and dialogue between the Irish authorities, the European Commission and the bank to agree a restructuring plan for Anglo Irish Bank which will achieve the best possible outcome for the State from the process. The outcome of the restructuring plan process will determine the future for the bank, including its required staffing levels and its staff retention and redundancy objectives, and the bank's pay levels will be determined by the board accordingly.

It is clear, however, that any future strategies for Anglo Irish Bank will involve further redundancies at the bank and further cost reductions. The bank staff do not enjoy any public service privileges in that regard. I should stress that in seeking to reduce its cost base, Anglo Irish Bank is acting in a similar fashion to other commercial State bodies that are planning their way out of the current difficulties. It is not the intention of the Minister to cut across any of these vitally important processes for Anglo Irish Bank, and for the State as the shareholder in the bank, in the current legislation.

As Deputy Burton will be aware, the Office of the Director of Corporate Enforcement is engaged with events and with those with responsibility for what led to the events of last year.

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