Wednesday, 3 February 2010
Department of Finance
Financial Institutions Support Scheme
As the Deputy may be aware, on 30 November last Anglo Irish Bank submitted its Restructuring Plan to the European Commission. This was a condition for State aid approval of the bank's recapitalisation in 2009. The Restructuring Plan considers all options for the future of the bank.
The submission of the plan marked the beginning of a detailed and comprehensive evaluation process in advance of any final decision by the Commission on the plan. This ongoing process requires extensive consultation and dialogue between the Commission, the Irish authorities and the bank.
As I have stated previously, I am committed to working closely with the Commission and the bank on the assessment of the plan to achieve the best possible outcome for the State from this process. In this regard, I am in contact both directly and through my officials, with the board of Anglo Irish Bank.