Sandra McLellan (Cork East, Sinn Fein)
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Question 48: To ask the Minister for Finance when will the European Commission have finalised its examination of the restructuring plan for Anglo Irish Bank; the details for the restructuring plan for Anglo Irish Bank; when the details for the orderly work out of Anglo Irish Bank will be made public; the timeframe envisioned for the work out of Anglo Irish Bank; and if he will make a statement on the matter. [9658/11]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy may be aware, a joint restructuring and work out plan for Anglo Irish Bank and Irish Nationwide Building Society was submitted to the European Commission on 31 January for approval under State Aid rules; this was in line with the timelines agreed under the terms of the EU/IMF Programme. In accordance with Government policy, the plan provides for the work out of the assets over a period of time that remain in these institutions after transfers to NAMA in a manner that seeks to protect the financial system as a whole and also to minimise the capital losses associated with this work out. The sale of deposits and corresponding assets, which has now taken place, is included as a first step in the plan. The plan also provides for the merger of Anglo and INBS.

It is the Government's intention that while the plan envisages a wind down of the combined entity over 10 years that if possible this will be achieved earlier than that but this depends on a number of variables including market appetite for the assets.

The exact timeframe for a decision on this plan is a matter for the European Commission in the first instance. However, I announced in my Statement on 31 March that an assessment of the capital requirements of both institutions will be available in May and it is likely the European Commission will await the outcome of this before making a final decision. The national authorities continue to engage closely with the European Commission and the other bodies on this plan and it is expected that the restructuring plan process will be finalised with the European Commission in the coming weeks.