Sign up to The Irish Times Archive (1859 - 2008)My Account »

The Minister for Finance Brian Lenihan said this evening that the Government was determined to get to the bottom of wrongdoing and misconduct in Anglo Irish Bank

In his first response to today's publication of the annual report of the bank Mr Lenihan said that the details of the report showed why the bank was nationalised.

"[The Government needed to] ensure we got to the bottom of the wrongdoing, cleaned up this bank and restored Ireland's damaged reputation in international circles because of the misconduct that has taken place in this bank," said Mr Lenihan, who was speaking to reporters outside Government buildings this evening.

However, the two main opposition parties said the report disclosed few new details and would not allay the anger and frustration felt by the public. Both Fine Gael and Labour also repeated their demands that the Government name the 10 investors who received loans from the bank to buy its own shares.

Fine Gael deputy leader Richard Bruton said the report had provided no answers. "There are not explanations in the report as to why this happened and as to why the taxpayer is left as the patsy," he said.

And Labour deputy leader Joan Burton said the report was only a work in progress. She said the taxpayer was no wiser as to the structure of the deal for the 10 investors, that has left a €300 million deficit for the taxpayer. She also said that the newly nationalised bank should have spelled out the amounts and recipients of the €179 in directors' loans.