Michael McGrath (Cork South Central, Fianna Fail)
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Question 75: To ask the Minister for Finance when he will publish the reports by Ernst and Young and McCann Fitzgerald on corporate governance issues at Irish Nationwide Building Society. [19100/11]

Michael McGrath (Cork South Central, Fianna Fail)
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Question 78: To ask the Minister for Finance when he expects to receive a final report from the directors of Irish Nationwide on lending practices at the society. [19119/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 75 and 78 together.

Following the State's investment of capital into Irish Nationwide Building Society, the Board of the Society was asked to identify and address the "legacy issues" of the Society and to co-operate with, where relevant, the appropriate regulatory or other authorities. To assist them in this work, the INBS Board engaged Ernst and Young and McCann Fitzgerald, and initial reports from these organizations were provided to the INBS Board in 2010. Following additional work on this matter, a further report was presented to the Board of the Society in June 2011.

Following recent discussions with the NTMA, to whom certain of my banking functions are currently delegated, the Board of the newly merged Anglo/INBS (Irish Bank Resolution Corporation) has undertaken to advance particular items raised in the recent report to the INBS Board. However, in view of the sensitive nature of the reports and their potential, if made public, to prejudice any future actions that may arise, I do not propose to publish the reports referred to at this time.

The Deputy may also wish to note that the above process is without prejudice to any investigation or action that the Central Bank, as independent regulator of credit institutions, may take on any relevant matter and that copies of the reports referred to above have also been provided to the Central Bank.