Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Deputy has gone beyond the remit of the question but I am happy to deal with the additional matters raised. In regard to boards of directors, there has been substantial change in personnel and this process will continue. The entire board of Anglo Irish Bank changed when the bank was nationalised, with one exception who had been appointed a few weeks earlier. We have also seen substantial change in the other institutions in respect of chairs and chief executive officers. As part of recapitalisation, we have insisted on a rotation scheme in both Bank of Ireland and Allied Irish Bank.

The investigations into particular matters, which are warranted by what has been established, have moved beyond the regulatory stage and I understand they are now at a criminal stage of investigation. This investigation has to take priority over the regulator and is being conducted on a parallel basis by the Garda Síochána and the Office of the Director of Corporate Enforcement.

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