Dáil debates

Wednesday, 12 January 2011

2:30 pm

Photo of Enda KennyEnda Kenny (Mayo, Fine Gael)

The Taoiseach spoke for at least ten or 12 minutes in his response. I did not ask the Taoiseach whether Mr. FitzPatrick whinged or moaned his way around the golf course, or even whether he gave him that putt or who took the money, if there was money on the game.

The Taoiseach offered a long litany. He quoted Professor Honohan and did so last weekend. What happened in July 2008 is referred to in Professor Honohan's report. It states:

In the week to 04/07, Irish financials fall sharply and underperform European peers. [...] S&P also lowers its [...] outlook for Anglo's A rating from 'stable' to 'negative'.

In the week to 10/07, Irish financials continues their sharp fall. [...] There are negative comments on Irish banks from Goldmans, Merrill Lynch, Credit Suisse, Lehmans and RBS. [...]

In the week to 18/07, [...] the use of contracts for difference (CFDs) come into focus over the period amid media reports that Ireland's richest man [...] is estimated to be nursing a €500mn to €1bn loss from his 15pc leveraged derivative position in Anglo Irish Bank.

The Taoiseach would have known all this. He would have known, when he telephoned Mr. FitzPatrick at the request of Mr. Drury, having spoken to the Governor of the Central Bank, that there was certainly a problem.

Professor Honohan stated in his report: "it became quite clear to top FR decision-makers that senior Anglo figures were well-liked in political circles, and it cannot be excluded that this played a part in their subsequent continuation in office for some months after September." I wonder who Professor Honohan was talking about when he wrote that. It is fair to state, in terms of the facts we now know, the Taoiseach did make a call back when he was Minister for Finance, did meet the board of Anglo Irish Bank over a dinner and did have a round of golf.

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