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Call for CAB to investigate Anglo Irish Bank

26 December, 2008

Sinn Féin Finance Spokesperson Arthur Morgan TD has called for the Criminal Assets Bureau and the Office of the Director of Corporate Enforcement to investigate the banking practices of Anglo Irish Bank and the circumstances surrounding the resignations of Seán Fitzpatrick and David Drumm. Speaking today Deputy Morgan said the idea that the Financial Regulator could conduct the investigation into a banking practice which it overseen is a ridiculous concept.

He said, "Banking practices such as those used by Anglo Irish Bank have directly led to the financial crisis the state is now facing and must be investigated thoroughly. It is clear that the Financial Regulator is not up for the job and cannot be seen as an independent body as it overseen these banking practices. The idea that it could oversee this investigation is a ridiculous concept.

"The Criminal Assets Bureau and Office of the Director of Corporate Enforcement should be brought in to investigate the circumstances surrounding the resignations of Seán Fitzpatrick and David Drumm and the banking practices which led to the current financial crisis.

"Clearly the Government's decision to recapitalise this bank is not having the desired affect with share prices continuing to plummet. The Government needs to re-look at this decision with a view to investing the tax-payers money in institutions that have a genuine potential of reimbursing the state.

"The Irish Government and the tax payer is now the effective owner of this bank. We need immediate transparency in this new state run business. What is the true state of its loan book, what other suspect loans are there, what are the real level of debts and most importantly who will be running this bank on behalf of the Irish tax payer in 2009.

"In order to justify the continuation of the recapitalisation plan for Anglo Irish the bank needs to make clear what it is going to do differently in the future to what it has in the past cause clearly what it has been doing has failed and is unacceptable." ENDS

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