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Anglo Irish Bank 'a financial cess-pit' says Gilmore

Posted on June 10, 2009 at 12:13 PM

Once again Anglo Irish Banks was the main topic in this morning's Leaders' Questions. Leader of the Labour Party Eamon Gilmore TD questioned the Taoiseach about the loans made to senior management in the bank as well as the billions being given to the bank by the State.

Calling the bank a financial cess-pit Eamon said: "We have already heard about the extent to which the bank gave loans to its own directors, gave loans to other people to buy shares in the same bank, arranged back to back loans with another financial institution to make its financial position look healthy when it was anything but.

"This bank is owned by the State the Government is responsible for it, how much was loaned to owed by the senior managerial staff, how many senior staff were involved and are they still in place and what were the loans for,.

"What is the Government bottom line in relation to this bank, you've put in €4billion now. They are looking for another €3.5billion, some commentators are saying that the amount this bank may require from the State may be considerably in excess of that.

"This bank is not systemic; this bank hasn't lent a cent to anyone other than existing clients since last September. So what is the Government's bottom line, how deep is the hole for the tax payer going to be for this bank. I might remind you that the day the Government made the decision to put €4billion was the same day that every monthly paid employee in this country had their pay packet raided with levies and health levies to pay for the financial mess the country is now in. So what is the bottom line, how far is this going to go?

You can see Eamon's contribution in the accompanying video and read the full transcript when it appears on the Oireachtas website later today. Let us know what you think in the comments section below.

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