Anglo Should Publish Analysis of Options for Bank’s Future - McGrath

Michael McGrath, Fianna Fáil T.D. for Cork South Central and Vice Chairperson of the Oireachtas Finance Committee, has today repeated a call he made last April for the analysis of the different options for the future of Anglo Irish Bank to be published.

According to Deputy McGrath, “In the interests of public accountability, the analysis of the different options considered for the future of Anglo Irish Bank should be now made available by the bank for public and expert scrutiny. In recent days, the Bank's Chairperson, Mr. Alan Dukes, has said that a detailed analysis of the different options for Anglo has been completed and the bank favours a split into a good bank / bad bank."

"I believe the Irish citizens deserve to have all relevant information made available to them on the different options which have been considered for the future of Anglo Irish Bank, including the cost of winding the bank up immediately, the cost of winding the bank down over a period of time and the cost of restructuring the bank and maintaining it as a going concern.

"The bank itself estimates the cost to the State of bailing it out at €25 billion. The ratings agency Standard & Poor's has given an estimate of €35 billion. Whatever the final figure, it is clear the amount of money involved in cleaning up the Anglo mess will be a heavy burden which this State will be carrying for many years to come.

"Every Irish citizen has a stake in the decision concerning the future of Anglo and I believe every citizen deserves to have full information on the options available to minimise the State's exposure to the bank's losses.

"In addition, the Director of Corporate Enforcement and the Gardai need to immediately update the Irish people on the various investigations into the practices at Anglo Irish Bank."