Jack Wall (Kildare South, Labour)
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Question 170: To ask the Minister for Finance if he will comment on recent revelations that senior bankers at Anglo Irish Bank were involved in property deals which the bank itself was financing; the steps that have been taken to remove any immediate conflicts of interests which may arise in the course of managing the nationalised bank; and if he will make a statement on the matter. [37687/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As with all financial institutions, Anglo Irish Bank is subject to legal and regulatory requirements with regard to lending to its Directors and employees. Any breach of these obligations would be a matter for investigation by the relevant authorities, including the Financial Regulator, as appropriate. Also, I am informed by Anglo that, in order to avoid any potential conflicts of interest, the bank has taken steps to ensure that the individuals concerned, and any staff reporting to them, have no role in the management and oversight of loans in which they have a direct interest.

In addition, Anglo Irish Bank Corporation Limited is a public body for the purposes of the Ethics in Public Office Acts 1995 and 2001. Its directors and designated employees are required, inter alia, to furnish annual statements of their registrable interests. For directors these statements are also furnished to the Standards in Public Office Commission. If a conflict of material interests were to occur, the director or employee concerned must furnish a statement in writing of the facts and must abide by the provisions of the Ethics legislation on such matters.

Question No. 171 answered with Question No. 119.