Category: Archive

D_il mulls public takeover of Anglo Irish

February 17, 2011

By Staff Reporter

The government hoped the legislation would pass through both the D_il and the Seanad by Tuesday night but the opposition parties protested that not enough time was being spent on such complex legislation.
The Labor Party said it would propose amendments to the legislation nationalizing the bank.
The party wants to ensure there is a full investigation into how the bank was operated, to remove secrecy provisions in the Bill, and to make the appointment of the assessor and board members more open and accountable.
Labor Finance spokesperson Joan Burton said the public had a right to know what was going on in Anglo Irish to ensure that in future the interests of taxpayers were not put at risk.
Fine Gael also warned it would not be supporting the Anglo Irish Bank Bill “in its current form” when it came before the D_il.
Last week, the government announced plans to take complete control of Anglo Irish Bank saying its previous plan to inject money into the bank was not the best way to secure its viability.
Shares in the bank were suspended on the Irish Stock Exchange and on the London Stock Exchange.
Taoiseach Brian Cowen this week advised those commenting on the banking situation to be careful in what they say about what was a vital national interest.
Through a spokesman, Cowen stressed that the measures taken by the government were designed solely to address the question of confidence and stability in the banking system and had no other motive.
The Anglo Irish moves comes in a week when the shares in major Irish banks including Allied Irish and Bank of Ireland plunged on the stock exchange leading to speculation that more government intervention in the Irish banking sector might be necessary.
Against this backdrop, the chief executive of the Bank of Ireland, Brian Goggin, has announced that he will retire from his position by this summer.

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