Emmet Stagg (Kildare North, Labour)
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Question 91: To ask the Minister for Finance the reason, in view of the relationship framework, pursuant to section 3 of the Anglo Irish Bank Corporation Act 2009, any information and documentation which the board or senior executives are aware of and would have required public disclosure if the ordinary shares of Anglo Irish Bank remained listed on the official list of the Irish Stock Exchange, shall promptly be brought to the his attention in writing by Anglo Irish Bank, but are not in fact publicly disclosed; and if he will make a statement on the matter. [17224/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As the Deputy is aware the Anglo Irish Bank Corporation Act, 2009 provided for the transfer of all the shares of the Bank to the Minister for Finance. The Bank was re-registered as a private limited company on the day the legislation was enacted. During 2009 the Bank adopted the Code of Practice for the Governance of State Bodies and is working with the Department of Finance towards full compliance, where applicable. The Bank has also adopted, and is in compliance with, the corporate governance and other obligations imposed by the Ethics in Public Office Act, 1995 and the Standards in Public Office Act, 2001. Further, the Combined Code on Corporate Governance issued by the Financial Reporting Council in June 2008 sets out the principles of good governance and a code of best practice.

Companies listed on the Irish Stock Exchange are required to report on their compliance with the provisions of the Combined Code. Although the Bank's shares are no longer listed on the Irish and London Stock Exchanges, the Board supports the principles and provisions of the Combined Code. The corporate governance statement in the bank's accounts for the 15 month period to the 31 December 2009 describes how the Bank applied the principles of the Combined Code throughout the financial period ended 31 December 2009.

The Relationship Framework on the other hand provides the basis on which the relationship between the Minister and the Bank shall be governed. In the interests of facilitating compliance with EU State aid and competition policy the Relationship Framework recognises the separation of Anglo Irish Bank from the Minister and limits intervention by the Minister in the conduct of Anglo Irish Bank's business to that necessary to protect the public interest. The Relationship Framework may be amended by the Minister as he sees fit, subject to EU consent. There has been regular communication between the Shareholder and the Directors in this regard.

It is a matter for the Board of the Bank, in the first instance, as to how the Bank complies with disclosure requirements generally. However, I would expect to be informed of any significant issues for the Bank that would have a bearing on its financial position or on other matters that would be matters of public interest.