Martin Mansergh (Tipperary South, Fianna Fail)

I am confident the director will conduct a thorough examination of the unacceptable governance practices that have come to light in Anglo Irish Bank which rightly have caused such grave public concern. The Minister highlighted these matters in his statement announcing that Anglo Irish Bank was being taken into public ownership. In recent years the director and his staff have shown a strong commitment to their compliance remit and bringing parties who have not met their legal obligations before the courts in appropriate circumstances. The office has secured in the courts the conviction of more than 140 companies, directors and other persons for company law offences. It also has directly had imposed disqualification orders on more than 70 persons, while approximately 800 directors have been restricted by liquidators following reports made to the director's office. I, therefore, suggest the House can have confidence that the director and his staff will undertake a thoroughly professional job in examining recent events in Anglo Irish Bank. I look forward to seeing the results of that examination in due course and in accordance with due process.

The Minister has stated, possibly in the other House, that persons or directors who have taken out loans will be fully answerable in respect of paying back those loans. However, he does not have the personal power to direct either the Office of the Director of Corporate Enforcement or the Criminal Assets Bureau. Although Senator Bacik may have suggested otherwise — if I misunderstood her, she will correct me — there was no run on Anglo Irish Bank. The Minister explained in extenso in the other House and in the speech that I——