Michael Noonan (Limerick City, Fine Gael)

An arrangement worth €264 million was made that was of benefit to the Irish State. If the bondholder arrangement had not been made, we would be required now to make provision for another €264 million to go into the compensation fund. We are not party to any of this.

The relationship between Anglo Irish Bank and the Quinn group is a commercial one. Under the relationship framework put in place under the Anglo Irish Bank Corporation Act 2009, which governs the relationship between the bank and its shareholder the State, the issues relating to normal commercial activities at the bank are a matter for the board, in respect of which I, as Minister for Finance, have no role. Therefore, I do not have a role in any of the court actions or any of the arrangements. The relationship between Anglo Irish Bank and Quinn group is totally commercial. I am not taking Government responsibility for what are commercial arrangements between Anglo Irish Bank and the Quinn group. It is not my legal responsibility.

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