Joan Burton (Dublin West, Labour)

Following his meeting with Commissioner Alumunia, the Minister for Finance announced that the plan for Anglo Irish Bank had changed from the good bank-bad bank scenario proposed by himself and the board of the bank to one where an asset-recovery bank and a funding bank will be established. I wrote to the Minister some weeks ago to clarify whether legislation would be required in this regard. I received a reply last evening in which the Minister stated that it is not clear at this stage whether legislation is required or whether the plan can be implemented fully within the parameters of existing legislation. The reply further states that this matter is being explored in the detailed work to develop the plan. Government Members have all been on holiday, and working in their offices and at meetings for the past 12 weeks or so. It was extraordinary to get a response last evening from the Minister for Finance.

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