Tánaiste pressed on Anglo inquiry

The Tánaiste, Mary Coughlan, was today pressed in the Dáil over the ongoing investigations into Anglo Irish Bank.

Labour leader Eamon Gilmore told the House that at the heart of the challenge facing people in economic difficulties was what happened in the State's banking system and Anglo Irish Bank in particular.

"That was the rotten bank at the heart of the whole toxic problem that has caused the collapse in our economy. Last December we first heard of the practices and scandalous goings-on at that bank . . . around the same time Bernie Madoff was arrested in New York," he said. "Since then Bernie Madoff has been tried, convicted and jailed for a total of 150 years.

"Unfortunately, we have heard very little of anyone being called to book over what happened at Anglo. The only thing we've heard was that there was a high-profile Garda raid last February. We've heard nothing about it since."

Mr Gilmore said it was reported eight Anglo directors had €22 million in loans between them, and that additional funding was to put directly into Anglo. "When are we going to see somebody brought to book here? . . what is happening to the investigations? . . how much more taxpayers' money is the Government going to put into Anglo?"

Responding, the Tánaiste said investigations were ongoing by gardaí and the Director for Corporate Enforcement. She said all members of the House would probably share frustrations relating to the investigations "but unfortunately, and unlike some others, we can't be populist about this matter and in no way can we in any way impinge in any way on the investigations".

She said a "considerable number" of reports and interviews taking place in what was a "huge" investigation, Ms Coughlan said. "Our system of justice is not similar to the United States of America, and we have to deal with the present legislative measures that we have to deal with."

She added it would be "imprudent" for herself or the Minister of Justice to direct an independent individuals within the context of the investigations but that requisite resources were being made available by the Government.

Ms Coughlan said it was not appropriate for the bank to be allowed collapse. "There are still business transactions, there are still depositors in the bank . . . those depositors are very important and are guaranteed by the State, and I think it is appropriate that we continue to support those people."

Mr Gilmore said the Tánaiste was right in one thing she said: "Our system of justice, certainly as it pertains to corporate crime, is not the same as in the United States.

"In the United States, they treat corporate crime somewhat more seriously than apparently we do here. The public are not reassured, Tánaiste, that the investigation is ongoing; that is what worries the public.

"It's going on and on forever, and we haven't seen any results from it yet, and you haven't been able to give the House any indication as to when it is going to be brought to conclusion, and when we are going to see some accountability for it," Mr Gilmore said.

He said the Tánaiste was talking about "whatever capital was necessary" for Anglo's recapitalisation. "You're not telling the hospitals they're going to get whatever money is necessary, you're not telling the schools they're going to get whatever money is necessary . . . but you're saying the Government will provide whatever capital is necessary to keep Anglo Irish Bank alive.

"They've got 3.8 thousand million of our money already, how much more are they going to get?"

Ms Coughlan said the last thing she was going to do was speculate on how much would be given to the banks.