Róisín Shortall (Dublin North West, Labour)
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Question 129: To ask the Minister for Finance his views on the fact that Anglo Irish Bank could be undermining competition in the retail and commercial deposit market here by offering high interest rates on deposits which are covered by the bank guarantee; his further views on whether this is in breach of the terms of the bank guarantee; and if he will make a statement on the matter. [18970/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Anglo Irish Bank is being run on an arms length commercial basis. Accordingly, normal commercial decisions, which include determining the retail and commercial deposit rates, are matters for the board of Anglo.

Notwithstanding this, I have been made aware that Anglo Irish Bank has been reducing its rates since the start of the year in line with falling money markets rates. Most recently on Wednesday 6 May 2009 the Bank notified the Financial Regulator that it was again reducing the rates on its Personal Savings accounts. These changes came into effect on 12 May 2009.