Michael McGrath (Cork South Central, Fianna Fail)
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Question 90: To ask the Minister for Finance if he will provide a detailed update on the ongoing investigation by the Central Bank into certain matters at the former Anglo Irish Bank and the former Irish Nationwide Building society; if he will confirm the level of staffing resources currently being deployed by the Central Bank in these investigations; if he will confirm the stage the Central Bank investigation is at; and if there are plans to initiate any proceedings against individuals arising from the investigation [36167/12]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has informed me as follows: Irish Nationwide Building Society Limited

An investigation is being conducted under the Central Bank's Administrative Sanctions Procedure into historic lending practices at INBS. For legal reasons, including the Bank's confidentiality obligations pursuant to section 33AK of the Central Bank Act 1942, no further details can presently be disclosed.

An appropriate number of enforcement staff, commensurate with the investigation's complexity, are dedicated to it. Investigation resources are kept continuously under review.

The investigation is ongoing. For the reasons already explained, no further details can be disclosed. Until the investigation has concluded, no decisions may be made as regards any future potential action.

Anglo Irish Bank Corporation Limited

On 3 June 2011 the Central Bank issued a press statement relating to its investigation into Anglo Irish Bank and persons concerned in its management (Anglo). It was noted that, at an early stage in its investigation, the Central Bank notified the Gardaí and the Office of the Director of Corporate Enforcement (ODCE) of certain suspected offences. Regular liaison with these agencies continues. As part of that liaison process, the Central Bank advised the Gardaí of the Bank's intention in 2011 to examine specific issues arising from its investigation. At that stage, the Gardaí informed the Central Bank, following consultation with the Director of Public Prosecutions (DPP), that, if the Central Bank proceeded with its investigation, it may prejudice any future criminal prosecutions. Accordingly, the Central Bank decided to defer its investigation and undertook to keep this decision under review.

In circumstances where, after liaison with the Gardaí and the DPP, the Central Bank commences an investigation, such an investigation will have available an appropriate level of resources.