Lenihan meeting Almunia to discuss €25bn rescue of Anglo

MINISTER FOR Finance Brian Lenihan will today meet European Union competition commissioner Joaquin Almunia in Brussels to discuss the €25 billion rescue of Anglo Irish Bank.

Mr Lenihan will be in Brussels for the regular meeting of EU finance ministers. The Government is hoping for a swift conclusion to the commission’s review of the controversial plan to divide Anglo into “good” and “bad” banks.

Green Party chairman Senator Dan Boyle said he expected a decision within three weeks. Speaking at the weekend, Mr Boyle said: “It has to wind down in a way that is longer than the immediate term but shorter than 10 years . . .We should have a decision in two to three weeks.”

The Department of Finance declined to comment ahead of the meeting. Fine Gael finance spokesman Michael Noonan said he did not think anything “concrete” would come out of the discussions today.

“Both Anglo Irish Bank and the Department of Finance are keeping their cards close to their chest . . .”

He said the decision should be taken as quickly as possible, with as “accurate a figure as possible to be given to the Irish taxpayer”.

Labour Party spokeswoman on finance Joan Burton said Mr Lenihan had been “far from frank, particularly with the Opposition, about what his proposals are”.

Ms Burton said the Government had been way behind the curve in relation to the strategy it had adopted towards Anglo Irish Bank.

“I do hope that Brian Lenihan will go to Mr Almunia with a greater sense of realism about where Anglo has the country. I hope Mr Lenihan’s focus is on restoring the country’s reputation and trying to limit damage.”

Meanwhile, Labour MEP for Ireland South Alan Kelly said he was meeting Mr Almunia tomorrow. Mr Kelly said he would be urging Mr Almunia “to bring a halt to Irelands madness”.

Mr Kelly added: “To date the commission has heard the views of Anglo Irish and the Minister for Finance. I intend to represent the views of the ordinary people of Ireland, the people whose taxes are being used to bailout Anglo, yet who cannot access credit to pay their bills or keep their small businesses above water.”

He said he would tell Mr Almunia that the information provided by the bank and the Government could not be trusted.