Written answers

Thursday, 30 September 2010

Department of Finance

Bank Guarantee Scheme

10:30 am

Photo of Aengus Ó SnodaighAengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 57: To ask the Minister for Finance the detail of the meetings he conducted on the day of the bank guarantee on 29 September 2008; the information that was made available to him, his Department and the Taoiseach in relation to the solvency at Anglo Irish bank; and if he will make a statement on the matter. [34068/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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Given the strong constitutional protection of the confidentiality of Cabinet discussions I am constrained in what I can reveal about the meetings that took place on 29/30 September 2008. The application of this protection to the records of meetings on 29/30 September was upheld by the Information Commissioner in her decision of 22 January 2010 (Case 090028). The Information Commissioner's published decision indicates that she was satisfied the primary purpose of the information exchanged at the meetings was for the conducting of an incorporeal meeting of the Government held on 30 September 2008. On that basis the Commissioner decided that the records were prohibited from release under section 19(1) (c) of the Freedom of Information Act.

It is public knowledge that in meetings held over the course of 29 September and into the early hours of 30 September the appropriate response to the difficulties facing Irish banks was discussed. As well as the Taoiseach and myself, these meetings also involved the Attorney General, the Governor and Director General of the Central Bank, the Chairman and Chief Executive Officer of the Financial Regulator, senior officials from the Departments of the Taoiseach and Finance and the NTMA, legal advisors and the Chairmen and CEOs of AIB and Bank of Ireland.

Regarding the solvency position of Anglo Irish Bank, I would note that the focus of the discussions on 29 September was on dealing with the severe liquidity difficulties facing the banks. Detailed information regarding the capital position of the banks, including Anglo Irish Bank, such as the PwC reports subsequently completed and published, was not available at that time and while it was clear that Anglo was experiencing difficulties, the extent of the Anglo's capital problem was not evident at that time.

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