Martin Mansergh (Tipperary South, Fianna Fail)

The decision the Minister took to nationalise Anglo Irish Bank followed consultation with the Central Bank, the Financial Regulator and the NTMA. The Government believed the recent corporate governance issues at Anglo Irish Bank had caused serious reputational damage to the bank at a time when market conditions were deteriorating for it, thus adding to funding pressures. Despite the Government's efforts to reassure the market by pledging capital support to the bank, the negative market sentiment towards it has continued. In the circumstances, the Government has decided it is appropriate to take action to nationalise the bank.