Brian Lenihan Jnr (Dublin West, Fianna Fail)

I do not have a preferred approach to the future of Anglo Irish Bank as suggested by the Deputy in his question. Indeed, I made that clear in my reply to the debate on banking which took place before Easter. As I told the House on 1 April 2010, my only concern is to minimise the cost to the taxpayer of Anglo Irish Bank. The Deputy will be aware that Anglo is currently updating its restructuring plan to take account of the EU Commission's response on the initial plan submitted by the bank on 30 November last. The plan will examine all options for the bank's future, including immediate liquidation, wind-down over a longer period of time, a split between a good bank and an asset management company, and maintaining the bank in its current form as a going concern. The revised plan is to be submitted to the EU Commission by the end of May of this year. Significant further work remains to be done by the bank and its advisers on the updated restructuring plan to test and verify the assumptions in each scenario for the future of the bank.

The Deputy will appreciate that at this critical juncture in the process and having regard to the commercial sensitivity of the information and the need to ensure proper protocols are observed in dealing with the EU Commission, it is not appropriate for me to publish the details of the plan which is still a draft. The EU Commission in publishing its decision will include all information pertinent to the decision, subject only to an objective assessment on the commercial sensitivity and confidentiality of the information.

I assure Deputy Bruton that my main concern is to ensure that in any plan the interests of the taxpayer are paramount and that my preferred approach to the options presented in the plan will be consistent with that concern. Any plan submitted by the bank will be reviewed by me and my advisers and I will take advice also from the Central Bank, the Financial Regulator and the National Treasury Management Agency.

I have no plans, therefore, to give full details of the worked costings of the options regarding the future of Anglo Irish Bank at this time. I noted Deputy Bruton's article in the Sunday Business Post last Sunday and I am formulating a reply to it.

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