ANGLO IRISH Bank chairman Alan Dukes told politicians attending a briefing in Dublin last night to expect some form of announcement about the bank today, according to a number of those in attendance.
About 25 TDs and Senators were invited to the event in Connaught House on Burlington Road, where Anglo’s senior management team has been based in recent months. Chief executive Mike Aynsley and other senior bank executives were present.
Chairman of the Oireachtas committee on finance Michael Ahern of Fianna Fáil said the executives took questions about the European Commission’s review of the controversial proposal to divide Anglo into “good” and “bad” banks.
“The question was put, when did they expect a decision on it? Mr Dukes said he understood there was going to be an announcement tomorrow. The nature of the announcement he didn’t know, or who would make it,” Mr Ahern said last night.
“However, he [Mr Dukes] said it would take a number of weeks before there was a final decision,” Mr Ahern added. “They gave a detailed account of the reasons why their assessment was there shouldn’t be a firesale effectively. Basically it would be a massive loss to the State and the taxpayer at the end of the day if we had that.
“I think if that information was more widely available to the public there would be a different perception.”
Mr Ahern’s party colleague Michael McGrath, vice-chairman of the Oireachtas finance committee, also said Mr Dukes “indicated some announcement was expected” today. “Whether that’s a decision or not we don’t know,” Mr McGrath said.
Mr McGrath said the analysis was based on figures that were already in the public domain.
Fine Gael’s finance spokesman, Michael Noonan, said he was surprised at Mr Dukes’s comments.
“Alan Dukes said there would be a statement tomorrow that would indicate the way things were going, but it wouldn’t be a final statement,” Mr Noonan said.
Mr Noonan called the briefing “thorough”. He said he was “open-minded” about the bank’s plans. Anglo executives had made a “very convincing case”, Mr Noonan said, but added there was a “case to be made on the other side as well”.
“I totally accept they want to do what’s best for the bank, the customers and the country. I think they are quite straight up about that,” he added.
Labour’s spokeswoman on finance Joan Burton said she asked the executives “about fraud” during the meeting. “But there didn’t seem to be confidence that anyone would be held to account”, Ms Burton said.
They restressed that they were horrified at what they had found at the bank and the sheer levels of mismanagement and recklessness in the past, she added.
“The bank executives presented its difficulties, plans and numbers but their remit is the bank and the public representatives’ remit is broader,” she said.
Independent Wicklow TD Joe Behan said he remained “unconvinced” after the meeting. However, Fianna Fáil TD Noel Ahern was “impressed with their logic” and said the bank put forward a “good sensible proposal”.
“I think they put forward a fairly good case and seemed very committed,” he said.
Fine Gael Senator Dr Liam Twomey praised Anglo chief financial officer Maarten van Eden, saying his contribution was “remarkably concise and frank”. Mr van Eden “came across as extremely forthright,” Dr Twomey said.
Anglo meeting: politicians and management
Last night's meeting took place in Connaught House on Dublin's Burlington Road at 5pm. The bank's senior management team has been based there for a number of months, but retains its St Stephen's Green address.
Members of the Dáil's Public Accounts Committee, the Oireachtas committee on finance and other TDs and Senators were invited to a briefing with senior Anglo executives. Media were not permitted to attend the briefing, chief executive Mike Aynsley, chairman Alan Dukes, chief financial officer Maarten van Eden and other executives outlined the restructuring proposal the bank has submitted to the European Commission and took questions from the politicians.