Shane Ross (Independent)

I was unfortunate enough to attend the extraordinary general meeting of Anglo Irish Bank last Friday as a very small shareholder and wish to say something about it in the limited time available. It was Irish corporate life at its worst. I spent today in the City of London where some people were aware of what had happened. The message sent to the City of London from that meeting was extraordinarily bad. Many had noted what had happened at the EGM and perceived it to be Irish corporate and banking life at its worst. It was bad because a front was put up at the EGM. Small investors went knowing they had lost virtually everything but with a single object in mind, namely, to get some information and find out the reason they had lost it, possibly in the hope of salvaging something. However, what I saw was an utter disgrace. This was not because of what had happened in the past but because of what happened at the meeting in response to it. I witnessed a new chairman stating that although he did not know what had happened because he was not there, were the shareholders to ask him any questions, that would be the answer he would give to them. Moreover, he would not allow the people behind him, of whom there were ten or 11, to answer questions or provide information. These were the people who, if they did not know what was happening, ought to have known.

Question after question was responded to in this manner by the new chairman of Anglo Irish Bank who was to be the new front and image of the bank. He made a very bad impression from the outset. He ought to have done what the Minister described today, that is, state clear water was being put between what had happened and the present. However, he did not so do. He stated that while the shareholders could ask questions, they would receive no answers. In addition, not only were the old directors either not allowed or unwilling to say anything — consequently no information was available — various questions were also asked of the auditors, Ernst & Young, representatives of which were present. Although it is one of the big five auditors in the world and one of the established pillars in Ireland, the response was that its representatives would not be allowed to answer questions that day. The question to be asked of them was quite simple, namely, how did they miss the loan of €87 million and if they did not miss it, why did they not tell anyone about it? However, they were not allowed to respond either.

Consequently, a dark shadow of silence was established over Irish corporate life that sent a clear message to everyone who was present to the effect that no one would be told the truth about what had happened in Anglo Irish Bank. No one will ever know. One of the tragedies of the proposed nationalisation, regardless of whether it is right or wrong, is that it has the capacity to cover up what actually happened. I do not state that necessarily is the plan, as I do not know, but it has the capacity to so do. Lessons are to be learned in this regard but information is not forthcoming. We do not know what is the debt or the danger. We do not know what happened, whether the auditors missed it or what the directors knew. This is a complete fiasco and there has been no attempt to enlighten us as to the reason it happened.

Moreover, I am not encouraged by what I have heard since. As I am in injury time, I will conclude. While I am sure Mr. O'Connor is an able person, he also is part of the Irish Establishment and comes from PwC, one of the big five. At the EGM he did a masterful job at saying absolutely nothing and telling no one anything. When the directors resigned, as they did yesterday, a new appointment was made.