Eugene Regan (Fine Gael)

On 20 January we debated the Anglo Irish Bank Corporation Bill 2009. When we look back at the information the Minister provided during that debate in the Seanad, we can see how dangerous it is to rush legislation and provide no adequate time or opportunity for this or the Lower House to vet legislation. Three times in his responses, the Minister of State at the Department of Finance, Deputy Martin Mansergh, stated authoritatively that there was no run on Anglo Irish Bank. We know something now that we did not know then, although the Government knew it, that €7.5 billion had been transferred from Irish Life & Permanent to Anglo Irish Bank and was misrepresented in the accounts as customer or corporate deposits. This represents 20% of the deposits of that bank. In other words, the deposits at the bank were 20% higher than would otherwise have been the case.

This is an important issue when it comes to taking decisions on the recapitalisation and nationalisation of the bank. There was a run on the deposits and a further deterioration up to December and into January. The Minister of State misled this House, whether intentionally or unintentionally. To base our decisions on that type of inadequate and misleading information is very bad for the quality of the legislation we pass in the Oireachtas. The Government knew the true situation of the bank. The Minister of State did not disclose the true situation when we were making our decisions and holding that debate. I would like the Leader to comment on that.