Anglo investors will not be named in report

 

Tánaiste Mary Coughlan told the Dáil that the names of 10 individuals who borrowed €300 million from Anglo Irish Bank would not be contained in the bank’s annual report due for publication tomorrow.

Ms Coughlan said the names had not been disclosed to the Minister for Finance.

“The Minister has no right to that information as a shareholder. It would undermine confidence in the bank if the Minister as a shareholder could obtain information about customers of that bank,” she said.

Ms Coughlan said the matter was "one for the Financial Regulator".

“No member of Cabinet wants to deter from due process. The full rigours of the law arising from due process will apply,” she said.

Asked by Labour leader Eamon Gilmore what arrangements were being made to make the report available to members of the house, Ms Coughlan said the report would be available “as normal” in the Oireachtas library.

The Financial Regulator is currently investigating €300 million in loans given by Anglo to 10 investors. The bank loaned the money to 10 unnamed clients last year so they could take a 10 per cent stake in the bank that was originally part of a holding assembled by businessman Seán Quinn and his family.

Yesterday, Taoiseach Brian Cowen said he wanted the Irish people to know that he was trying to ensure the principle of accountability applies for anybody involved in any wrongdoing whatsoever, “in this Anglo Irish Bank or any other”.

Mr Cowen said one of the ways confidence in the Irish banking system could be ensured, externally as well as internally, was to confirm that those who had the independent statutory authority to investigate these matters were doing so.

“As far as I and the Government are concerned, recognising their independence, they cannot come to a conclusion soon enough. Whatever facts must be dealt with or whatever further processes must be instigated can then be initiated.”