Dáil debates

Wednesday, 1 December 2010

EU-IMF Programme for Ireland and National Recovery Plan 2011-14: Statements (Resumed)

 

5:00 pm

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)

I will if Deputy Noonan bears with me for a moment. On 29 November the Governor of the Central Bank stated in an interview on RTE's "News at One" that Anglo Irish Bank would be out of the system in a number of weeks. The Central Bank issued a clarification statement further to the Governor's appearance in which it stated, as outlined by the Governor, Patrick Honohan, that the Central Bank is working on a proposal agreed with the other authorities as part of the package of measures to submit a revised restructuring proposal in compliance with European Union competition law for Anglo Irish Bank. The objective is to submit and agree this by the end of January 2011.

This timeline has been agreed between the Irish authorities and the European Commission. Any wind-down of the loan book of Anglo Irish Bank would however be over a multi-year period, as in the current restructuring. These measures are designed to provide an orderly resolution for the future of Anglo Irish Bank in a manner that is consistent with European Union competition law and agreed with the European Commission. In summary, a revised restructuring plan for Anglo Irish Bank will be submitted to the European Commission early in 2011. The plan will outline the future for the bank, including the working out of assets. The revised plan will build on a number of elements in the restructuring plan submitted in October, but will take account of the discussions with the external authorities in recent weeks and the future restructuring of the banking system. Any working out of the banks' assets would need to be done over a period of years. A renaming of the asset recovery institution is under consideration.

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