Shane Ross (Dublin South, Independent) | Oireachtas source

I thank the Minister for his reply. I accept everything he says about who knew what, when they knew it and when these tapes were handed over. I am surprised about one aspect of his reply. It is well known that all conversations of this sort were recorded. I cannot understand why nobody in the Department and particularly in the Central Bank, which was the regulator at the time, knowing full well that the staff of Anglo Irish Bank, Bank of Ireland, Irish Life & Permanent and AIB recorded all conversations particularly in certain situations and particularly those involving the head of capital markets, who is the key figure in this, did not ask, immediately the crisis broke or immediately there was a question about solvency or liquidity for these tapes, to see what had been going on inside the bank if it had any doubt.

The Minister rightly said that when the former Minister for Finance, the late Mr. Brian Lenihan Jr., informed the Dáil that €7 billion was sought and in subsequent weeks advised that there was more sought and then more again, he could work out that there was something funny going on. At a minimum Anglo Irish Bank was putting out a teaser to the Central Bank to suck it in for more. In those circumstances, when anybody with knowledge of this matter could guess what was happening, is it not extraordinary that the regulator, which was being taken for a ride, did not ask for taped conversations of what was happening inside in Anglo Irish Bank?

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